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California DFI raises CU assessment rate
SACRAMENTO, Calif. (7/11/08)--The California Department of Financial Institutions (DFI) has raised the assessment rate on credit unions in the state for this year and next year. The 2008-2009 assessment rate was set at $0.59 per thousand dollars of total assets--about a 14-cent or 23.7% increase from last year’s rate of about $0.45, according to a memo sent to California state-chartered financial institutions by DFI Commissioner William S. Haraf. Invoices were mailed to each licensee on June 30, and will become delinquent if not paid by July 21. The statutory maximum rate is $2.20 per thousand dollars of total assets. Haraf also announced that DFI is adding additional benchmarking data from credit union and bank call reports to its website. DFI will update the data each quarter. The data were initially prepared as part of Haref’s due diligence efforts to become familiar with the condition of DFI licensees, he said. The new feature is an analysis of key industry ratios--such as equity to asset ratios, return on assets, delinquencies to total loans--by quintile and size. For each ratio, institutions are ranked from highest to lowest within their size range and divided into five groups or quintiles. Each quintile reports an arithmetical average of the ratios for the group. These data offer a useful measure of the dispersion of outcomes for the state’s credit union and bank licensees, unlike the simple averages previously reported, Haraf explained.
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