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Washington
CU comment sought on NCUSIF premium 1 deposit
WASHINGTON (8/03/09)--The Credit Union National Association (CUNA) is seeking comments from credit unions regarding the National Credit Union Administration's (NCUA) proposed rule to clarify how credit unions that begin or cease participation in the National Credit Union Share Insurance Fund (NCUSIF) during a calendar year are impacted by deposits or assessments for replenishment of the fund. The proposed rule would fill gaps in current NCUSIF regulations for credit unions that convert to or terminate federal insurance of their deposits, as well as credit unions that merge with non-federally insured credit unions but wish to continue federal deposit insurance. The proposal would add specific language stating that the NCUSIF has the authority to use the 1% deposit if necessary to meet its expenses. The plan also distinguishes between premium assessments and assessments needed to replenish the 1% NCUSIF deposit. The proposed rule would not apply to Temporary Corporate Credit Union Stabilization Fund payments. "In the comment call, CUNA asks member credit unions to voice any concerns with the proposed treatment regarding the NCUSIF for credit unions entering and exiting the federal insurance system." Comments are due to CUNA by August 17. CUNA's examination and supervision subcommittee will review these comments, and will communicate these comments to the NCUA. For more information, use the link.


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