NCUA Estimates 35 BP in Assessments; Ups Budget By 12%; Issues Corporate Rule
ALEXANDRIA, Va. -- Credit unions should budget for 20-35 basis points worth of additional assessments next year, the NCUA said today.
The premium to shore up the NCUSIF will likely be between 0 basis points and 10 basis points. This year the premium was 13.4 basis points.
The board also sent out for a 30-day comment period a proposed corporate credit rule that would limit natural person credit unions to joining one corporate, sets up a system-wide risk mitigation committee and requires each corporate to form a risk management committee.
It would also allow corporates to assess annual membership fees and increase the amount of retained earnings and would mandate that the corporate prepare an annual management report that assesses how well it is in compliance with NCUA regulations and an assessment of its internal auditing and control structure.