Corporate Assessment and Operating Budget Tweak on NCUA Board Agenda
Federally insured credit unions will learn the size of their 2013 corporate assessment in one week, because the subject is on the NCUA Board’s July 25 monthly meeting agenda. According to the agenda, posted on the NCUA’s website Thursday afternoon, the board will consider the 2013 Temporary Corporate Credit Union Stabilization Fund Assessment, as well as the reprogramming of the NCUA’s 2013 operating budget and the quarterly share insurance fund report.
Previously, the NCUA estimated the corporate assessment would run between 8 and 11 basis points. Through 2012, federally insured credit unions have paid $4.1 billion in annual assessments to cover losses incurred by corporate credit union investments into mortgage backed securities.
Despite a reduction in the amount the NCUA estimates credit unions have yet to pay thanks to improvements in the housing market and performance of corporate legacy assets, the regulator said it does not anticipate deviating from the 8 to 11 basis points estimate.
Other items on the agenda include a proposed rule regarding the electronic filing of financial reports, a request from the $832 million San Francisco FCU to expand its community charter, an interpretive ruling and policy statement on the Minority Credit Union Preservation Program and a board briefing on an interagency proposal regarding joint diversity standards for regulated entities.
The meeting will begin at 10 a.m. EDT at the NCUA’s Alexandria, Va. headquarters.