The NCUA Board on Sept. 16 approved a share insurance fund premium of 12.42 basis points. At that board meeting Chairman Debbie Matz read a statement. An excerpt:
Some stakeholders called for NCUA to maintain the equity ratio below the low end of the normal operating floor of 1.2%. We gave this strategy serious consideration.
However, knowing the magnitude of credit union losses the fund has absorbed this year, plus additional losses which are likely to occur in the coming year, it is not practical to manage the fund without a reasonable margin of safety.
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