Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive
150x172_CUEffect.jpg
Contacts
LISA MCCUEVICE PRESIDENT OF COMMUNICATIONS
EDITOR-IN-CHIEF
MICHELLE WILLITSManaging Editor
RON JOOSSASSISTANT EDITOR
ALEX MCVEIGHSTAFF NEWSWRITER
TOM SAKASHSTAFF NEWSWRITER

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
Maine credit unions put Food Mobile on the road to relieving hunger in rural areas http://t.co/R0xpt6BAZE
6 hours ago
.@TheNCUA's Matz: PALS should be exempt from Military Lending Act proposal #NewsNow http://t.co/Vy9uNhOIEr
6 hours ago
#NewsNow Iowa loan growth 3 times national bank rate http://t.co/fUvudPLg5d
9 hours ago
.@ICBA tallies its Home Depot data breach costs: $90M, 7.5M cards http://t.co/iJgRDC2AKZ
10 hours ago
.@icul's Jury elected treasurer of @WOCCU exec committee http://t.co/HEF1UChN8f
11 hours ago