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Hyland 2010 assessment is unpredictable
WASHINGTON (10/21/09)—The National Credit Union Administration (NCUA) cannot predict what credit unions’2010 share insurance assessment will be because of the unknown future of such things as expenses, share growth, investment yields and resolution costs, according to NCUA board member Gigi Hyland. However, she added, budgeting between 15-30 basis points would likely be appropriate. Hyland noted that the agency would disseminate more information on the issue following either the Oct. 22 board meeting or the Nov. 19 meeting. She made her made remarks earlier this week at an American Institute of Certified Public Accountants Conference on Credit Unions. At last month’s board meeting, Melinda Love, director of NCUA's Office of Examination and Insurance, said she thought credit unions could plan on a 15-30 basis point assessment for next year. Chairman Deborah Matz wanted more precision in that figure for credit union planning purposes and requested that staff bring a more honed estimate of 2010 premium costs to the Oct. 22 meeting. How this is presented will be of interest, however, because some observers note that if the agency announces a precise figure for the future premium assessment, accountants may require credit unions to book the costs this year. Also on the agenda, as reported earlier in News Now, are the regular monthly report to the NCUA board on the state of the NCUSIF, as well as action on a final rule addressing increased federal share insurance coverage to $250,000 through 2013 and increased coverage for revocable trust accounts.


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