Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

Washington
NCUA Letter Answers Corporate Assessment Questions
ALEXANDRIA, Va. (8/9/13)--In its Letter to Federally Insured Credit Unions (13-CU-06) released Thursday, the National Credit Union Administration reminds all credit unions to expect an invoice in September for their assessment for the Temporary Corporate Credit Union Stabilization Fund (TCCUSF). The payment is due Oct. 16.
 
The NCUA, at its July open board meeting, declared an assessment for the TCCUSF of eight basis points (bp) of credit unions' insured shares as of June 30, 2013. The assessment is at the very low end of the NCUA's estimated range of 8-11 bp announced last November and is a significant improvement over last year's assessment of 9.5 bp.
 
The Credit Union National Association has noted that with the improvement of the performance of the NCUA's legacy assets, stabilization fund assessments should no longer be necessary after the 2013 payment. The range for any additional assessment for 2014, if any, will be set by the NCUA board in November.
 
The NCUA letter also provides answers to key questions about the assessment. The topics addressed include:
  • Why must all credit unions pay assessments?
  • Why is the assessment set at 8 basis points?
  • How should my credit union account for the assessment?
  • What is the impact of the 2013 assessment on credit unions' earnings and net worth?
  • Will examiners take the effect of the assessment into account when evaluating credit union earnings and net worth?
  • What are the net remaining projected costs of the corporate resolution program?
 Use the resource link to read the complete letter.
Other Resources

NCUA Letter (13-CU-06)
RSS print
News Now LiveWire
Goodwill Industries latest to report data security breach http://t.co/gIaXNsT4Bk
7 hours ago
CUNA economist Schenk discusses regulators' focus on interest-rate risk. See CU Magazine: http://t.co/tW1p9rTSSv
9 hours ago
Fed issues annual report on general-use prepaid cards in gov't-administered payment programs. http://t.co/3zPhejSPZt
9 hours ago
Children in foster care face higher risk of identity theft via @NBCNews http://t.co/Dif0hCfBdA
9 hours ago
.@Cornerstone_CUL's leadership conference includes food drive for San Antonio food bank http://t.co/h2O8O4TxuD
10 hours ago