NCUA Guaranteed Notes (NGN) Program

The National Credit Union Administration announced the Corporate System Resolution Program on September 24, 2010. As part of the resolution, the NCUA created the NCUA Guaranteed Note (NGN) Program to provide long-term funding for distressed investment securities from the five failed corporate credit unions.

The legacy assets consist of over 2,000 investment securities, secured by approximately 1.6 million residential mortgages, as well as commercial mortgages and other securitized assets. As illustrated below, the NCUA transferred the legacy assets to NGN trusts. The NGN trusts then issued approximately $28.3 billion of NGNs, backed by the cash flows from the legacy assets. The timely repayment of principal and interest to the investors in NGNs is guaranteed by the NCUA and backed by the full faith and credit of the United States.

On September 28, 2017, the NCUA Board unanimously voted to close the Temporary Corporate Credit Union Stabilization Fund (Stabilization Fund) effective October 1, 2017, ahead of its sunset date of June 30, 2021. All remaining funds, property, and other assets were transferred to the National Credit Union Share Insurance Fund (Share Insurance Fund), representing a major milestone in the wind-down of the Corporate System Resolution Program.

While the net projected assessment range is no longer relevant, the NCUA will continue to report the total gross and net corporate system resolution costs, as well as the NGN and legacy asset data that has been reported historically. Additional reporting on NCUA’s receivable from the estates, the estimated impact to the equity ratio and potential recoveries of depleted corporate capital will also be provided.

This website provides information about the NGN Program and the Stabilization Fund, including the ongoing performance of the NGN securities and the underlying legacy assets.

 ​NGN Securitization Process

Corporate System Resolution Process

The graphic below illustrates a corporate credit union liquidation, including transfer of assets and liabilities to the asset management estate (AME) and bridge corporate, as well as how the NGN trusts fit into the process.

Corporate System Resolution Process

Oversight of the NGN Program

The NCUA Board created the NGN Securities Management and Oversight Committee to ensure the NCUA meets all its statutory and legal obligations under the NGN Program. The Directors of the Office of Examination & Insurance, Asset Management and Assistance Center, and the Office of the Chief Financial Officer comprise the Committee.


The National Credit Union Administration (“NCUA”) is the independent federal agency that regulates, charters and supervises federal credit unions. With the backing of the full faith and credit of the United States, the NCUA operates and manages the National Credit Union Share Insurance Fund, insuring the deposits of millions of account holders in all federal credit unions and the overwhelming majority of state-chartered credit unions.

This website and its related links are provided for the limited purpose of disseminating general information regarding the disposition and performance of certain legacy assets associated with NCUA’s Corporate System Resolution Program. Accordingly, no credit union, investor, consumer, or any other person or entity should construe the publication of the information on this website and its related links as intended to solicit or affect transactions in securities or the rendering of tax, legal, or investment advice.

The graphs and charts set forth on this website and its related links depict general information regarding the legacy assets and their various asset classes. Past performance is never a guaranty of future performance and the charts and graphs are not meant to predict future performance. No credit union, investor, consumer, or any other person or entity should base any business or investment decision, in any respect, on the information provided by the charts and graphs or on any other information this website or its related links provide.

Unless otherwise noted, material presented on this website and its related links is considered federal government information and is in the public domain. If copyrighted content, documents, images, or other materials appear, it will be noted, and the copyright holder must be consulted before that material may be reproduced. References to any specific commercial products, processes, services, or companies do not constitute a recommendation or endorsement by the U.S. Government.

Additional Resources

Q&A Resolution Costs and NGNs
Legal Recoveries
Asset Management Estates Claims and Recoveries

NCUA staff can be reached for questions about the NGN Program at

Access to this website and its related links is provided for informational purposes only and without any warranties, express or implied, regarding the accuracy, completeness, timeliness, or results obtained from any analysis based on the information posted.

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