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Aug. 24 comment deadline for premium 1 deposit rule
WASHINGTON (7/29/09)—Comments must be submitted to the National Credit Union Administration (NCUA) by August 24 on a proposed clarification addressing the National Credit Union Share Insurance Fund (NCUSIF) premium and a one percent deposit. At its July 16 open board meeting, the NCUA proposed a rule to define how insurance premiums and deposit recapitalizations are calculated for only a portion of a year when a credit union either enters or departs the NCUSIF. The rule would cover such instances as when a credit union converts to or from private insurance in a year there is an NCUSIF assessment. It includes specific calculations for the assessments. The proposal amends the definition of insured shares to include shares that would have been insured by the NCUSIF if the institution had been federally insured on the date of measurement. There are also additional clarifications to distinguish premium assessments and assessments to replenish the one percent deposit. The Credit Union National Association (CUNA) will be seeking credit union comment on the NCUA plan. CUNA will issue a Comment Call later this week, with comments due August 16. Use the resource link below to read more about the NCUA plan in the Federal Register.
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