United Corporate, Western Corporate, Southwest Corporate, and U.S. Central Corporate) in the United States were rendered insolvent after investing in troubled mortgage-backed securities that became overwhelmed with unprecedented declines in value. In response to the growing corporate credit union crisis, the NCUA took the following actions: Collaborated with the U.S. Treasury Department and Congress to establish the Temporary Corporate Credit Union Stabilization Fund (Stabilization Fund) to stabilize the U.S. credit unions, protect the NCUSIF and ensured credit unions, not taxpayers, paid the costs of the Stabilization Fund over time. Re-securitized the unsuccessful mortgage backed securities after liquidating the five failed corporate credit unions. With a government-backed guarantee, the securities were sold to raise nearly $30 billion. A temporary share guarantee was established for deposits at corporate credit unions. Bridge corporate credit unions were established to ensure services continued to be provided to consumer credit unions during the transition and resolution timeframe. Worked together with bridge corporate credit union members and to ensure a seamless transition of services to new entities. In addition to the corporate credit union crisis, the NCUA dealt with the failure of a number of consumer-owned credit unions, which weakened as a result of spikes in home foreclosures, business failures, and unemployment. To protect against the failure of more credit unions, the NCUA implemented a 12-month examination cycle for federally insured credit unions to detect problems in individual credit unions before they became insurmountable. NCUA also stepped up administrative actions wherever necessary to ensure prompt compliance. By year-end 2009, more than 96 percent of credit unions met the statutory definition of "well capitalized." On December 8, 2017, President Donald Trump issued an executive order revising the Seal for the National Credit Union Administration. On August 20, 2019, the D.C. Circuit Court of Appeals upheld much of the NCUA's 2016 field-of-membership regulations changes, and on June 29, 2020, the Supreme Court of the United States denied an appeal to review the NCUA's 2016 field-of-membership rule. 2020s and beyond On March 10, 2020, the NCUA celebrated its 50th anniversary. On March 16, 2020, in response to the global coronavirus pandemic, the NCUA issued a Letter to Credit Unions that outlines several strategies credit unions may consider when determining how to address the challenges associated with COVID-19. Throughout the pandemic, the NCUA provided targeted regulatory flexibility, where appropriate, so federally insured credit unions could manage their operational and financial risks.