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NCUA sends CU Letters on premium assessments signage
ALEXANDRIA, Va. (10/27/09)--In the first of two letters to credit unions published on Monday, the National Credit Union Administration (NCUA) reminded credit unions, as it did at last month's board meeting also, that an assessment of 0.15% of insured shares will be collected from federally insured credit unions during the fourth quarter. The NCUA has taken this action to aid the National Credit Union Share Insurance Fund's (NCUSIF) as it works to recapture its equity and repay $310 million in funds the Corporate Credit Union Stabilization fund has borrowed from the U.S. Treasury. “Maintaining the NCUSIF at 1.30% will promote confidence in the NCUSIF and give NCUA maximum flexibility to address troubled institutions,” the NCUA added in the letter. “The invoice for the assessment will be sent in the fourth quarter of 2009 with payment due within 30 days of the invoice date,” the letter added. The NCUA has also notified credit unions of a change in its signage requirements. According to the letter, the NCUA has altered its “official insurance sign and official advertising statement” to “permit federally-insured credit unions flexibility in advertising.” To see the NCUA letters, use the resource link.
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