Here’s a summary of the most recent NCUA board meeting, courtesy of CUNA’s Regulatory Advocacy Department.
Here are the highlights of the NCUA Board meeting today:
- The 2013 Temporary Corporate Credit Union Stabilization Fund assessment was set by the NCUA Board at 8 basis points of federally insured shares – the lowest point in the range that the Board had previously estimated. The Board reiterated there will not be a National Credit Union Share Insurance Fund (NCUSIF) premium for this year.
- Also of note, the Board decreased its 2013 operating budget by $2.6 million for the remainder of the year.
- The Board also proposed rules on electronic filing of financial reports and a minority credit union preservation program, as well as approved a community charter expansion.
- In addition, the Board was briefed on the condition of the NCUSIF, which continues to look good, reflecting the overall health of the credit union system. Details of these actions are below.
2013 Temporary Corporate Credit Union Stabilization Fund Assessment
The NCUA Board approved a Stabilization Fund assessment of 8 basis points of each federally insured credit union’s insured shares as of June 30, 2013, which is approximately $700 million in the aggregate. Including this year’s ($700 million) assessment, credit unions will have paid $4.8 billion in Stabilization Fund assessments since the Fund was established. The projected net remaining assessments over the life of Stabilization Fund now range from $0.9 billion to $3.2 billion. However, that range is based on loss projections as of last December. When the Agency releases its semiannual update of the loss estimates in the next few months, the remaining assessment range will be revised.continue reading »