NAFCU statement on NCUA board vote to publish OTR & operating fee methodologies
WASHINGTON, DC (January 21, 2016) — National Association of Federal Credit Unions (NAFCU) Executive Vice President and General Counsel Carrie Hunt issued the following statement in response to the National Credit Union Administration (NCUA) Board’s vote to publish and seek comments on the overhead transfer rate (OTR) and operating fee methodologies.
“NAFCU welcomes an opportunity to provide credit union input on the methodology for the OTR calculation,” said Hunt. “We look forward to working with NCUA to ensure that the most efficient and objective methodology is used.”
The OTR is used to transfer funds from the National Credit Union Share Insurance Fund to the agency’s operating fund to cover “insurance-related” activities. Upon publication in the Federal Register, the OTR and operating fee methodology will be open for a 90-day public comment period. In November, the NCUA Board voted to delegate to the director of examination and insurance the authority to set and adjust the OTR.
The National Association of Federal Credit Unions is the only national trade association focusing exclusively on federal issues affecting the nation’s federally insured credit unions. NAFCU membership is direct and provides credit unions with the best in federal advocacy, education and compliance assistance. www.nafcu.org.
The National Association of Federally-Insured Credit Unions is the only national trade association focusing exclusively on federal issues affecting the nation’s federally-insured credit unions. NAFCU membership is direct and provides credit unions with the best in federal advocacy, education and compliance assistance. For more information on NAFCU, go to www.nafcu.org or @NAFCU on Twitter.