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Corporate CU plan 1 deposit on NCUA meeting docket
ALEXANDRIA, Va. (11/13/09)--The National Credit Union Administration (NCUA) has confirmed that it will unveil its long-awaited proposed rules on corporate credit unions at its upcoming monthly board meeting, to be held Nov. 19 here. While the exact details of the proposed rules are not yet known, the NCUA has provided some information on what the new guidelines could entail. Specifically, the agency has indicated that new capital standards that call for a 4% leverage ratio, which will include retained earnings and paid-in capital from members, could be part of the plan. The proposal is also expected to address concentrated risks in mortgage-related securities and other asset-backed securities and set general rules on executive compensation for corporate credit union leadership. Another issue of importance on the NCUA docket is the National Credit Union Share Insurance Fund premium and 1% deposit. While there has been some speculation that the 2010 share insurance assessment could fall between 15 and 30 basis points, NCUA board member Gigi Hyland has publicly stated 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. The NCUA will also consider its monthly insurance fund report at the meeting. The NCUA’s 2010/2011 operating budget, its overhead transfer rate, and its operating fee scale will also be discussed during the open portion of the meeting. The NCUA approved a tentative fiscal 2010 budget of $189.97 million last year. As is routine, a closed session of the NCUA board will follow the early open session.


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