Onsite Coverage: NCUA Board Sets 9.5 Basis Points for Corporate Rescue Fund
ALEXANDRIA, Va. — Federally insured credit unions will be charged 9.5 basis points for their contribution to the Temporary Corporate Credit Union Stabilization Fund, the NCUA Board said Tuesday.
The total 2012 assessment will be $790.53 million, the board decided in its monthly meeting at its headquarters in Alexandria, Va.
The money will be used to fund repayment of corporate credit union liabilities – their legacy assets – and this assessment brings to $4.08 billion the amount of corporate system resolution funds paid by credit unions since 2009, the board said.
Assessments were $337.4 million in 2009, $999.6 million in 2010 and $1.96 billion last year.
Assessment payments will be due Oct. 9. Credit unions should expense the assessment in August and report the entire expense on their Sept. 30 Call Reports, the agency said.