Spin Can’t Shield Spendthrift NCUA: Editor/Publisher's Column
The NCUA announced last week at its monthly board meeting that credit unions’ assessment for the Temporary Corporate Credit Union Stabilization Fund would be a mere eight basis points. The total bill for credit unions comes to $701 million, or approximately $100,000 on average per credit union, for 2013. It’s the lowest level it’s been since the inception of the TCCUSF.
At the same time, the NCUA touted cutting $2.5 million from its budget, saving credit unions about $400 on average. The positive spin does not come close to outweighing the negative, but it’s a start.