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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.

On June 14, 2021, the final NGN tranche (NGN 2011-M1 A5) matured with all noteholders being fully repaid. This represents the end of the NGN program.

Additional Resources

Legal Recoveries
Asset Management Estates Claims and Recoveries

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


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.

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.

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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