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News Now

Washington
NCUA Premium assessment bills in the mail next week
ALEXANDRIA, Va. (11/11/09)--The National Credit Union Administration (NCUA) has confirmed that the bill will be in the mail to credit unions the week of Nov. 16 for the 2009 National Credit Union Share Insurance Fund (NCUSIF) premium assessment of 0.15% of insured shares. The NCUA in September approved the 0.15% of insured shares assessment on federally insured credit unions to help raise the NCUSIF equity to 1.3% of June 30, 2009 shares and repay $310 million in funds the Stabilization Fund has borrowed from the U.S. Treasury. The assessment would also repay all interest accrued by the NCUSIF as of June 30, 2010. Payment of the assessment will be due by mid-December. The assessment will not include extra NCUSIF premiums or an additional special assessment. Although it was anticipated that the NCUA would discuss at its October meeting a more finely honed prediction for next year’s share insurance assessments than the 15-30 basis points currently being circulated, that discussion did not occur. Shortly before that meeting, board member Gigi Hyland foreshadowed the board’s decision by stating publicly that the NCUA could not predict the amount of the assessment in 2010 due to the unknown nature of future expenses, share growth, investment yields and resolution costs. One concern about stating too narrow an estimate is the accounting repercussions such an action could have. The NCUA staff is once again expected to make a presentation before the board at the Nov. 19 open meeting: How this is presented will be of great interest because, some observers note, if the agency were to announce too precise a figure for the future premium assessment, accountants might require credit unions to book the costs this year.


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