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News Now

Washington
NCUA Budget, Assessments, CUSO Rule Lead Nov. Meeting Agenda
ALEXANDRIA, Va. (11/15/13)--The 2014 budget, overhead transfer rate, operating fee scale and projected share insurance and corporate assessments are all on the agenda for the National Credit Union Administration's Nov. 21 open board meeting. A final rule on credit union service organizations (CUSO) is also on the agenda.

The NCUA's original 2013 budget was set at $251.4 million, but the agency in July reduced its projected 2013 budget by $2.6 million. In a recent edition of the Credit Union National Association's "Inside Exchange" video series, NCUA Chairman Debbie Matz told CUNA's Paul Gentile that the agency's 2014 budget will contain some increases to address long-awaited pay raises for some employees. Funds will also be raised to retrain staff to implement new rules, regulations and benefits for credit unions, she said. (See Nov. 6 News Now: Matz Discusses Budget, CUSO Rule, Risk-based Cap With Gentile: Inside Exchange, Part II.)

There will be no National Credit Union Share Insurance Fund (NCUSIF) premium assessment in 2013. CUNA has also encouraged the NCUA to refrain from charging a Temporary Corporate Credit Union Stabilization Fund (TCCUSF) assessment this year. Instead, the agency should monitor how the economy in general and housing markets progress, CUNA suggested. A quarterly report on the status of the TCCUSF will also be presented during the board meeting.

As for the final CUSO rule: Under a proposed version of that rule released in 2011, CUSOs and their subsidiaries would be required to directly file their financial statements with the NCUA, and to forward those reports to state supervisors. The NCUA currently has the authority to inspect the financials and records of some CUSOs, but the majority of financial information on CUSOs is provided by natural person credit unions that obtain services from the CUSOs.

A final version of the rule was to be unveiled in June, but the NCUA postponed its release.

CUNA has said that while some CUSOs have had issues, CUSOs as a whole do not pose a systemic risk to the credit union system or overall concerns to the NCUSIF.

For more on the NCUA board meeting, use the resource link.
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