ALEXANDRIA, Va. — Credit unions will likely have to pay a premium of 0.15% of insured shares this year to pay for the NCUA's rescue of WesCorp and U.S. Central. Some large credit unions could cause additional strains on the NCUSIF later this year.
That's the estimate of the costs presented to the board at today's meeting, though the final premium amount will be voted on at the board's September meeting.
Credit unions will have seven years to repay the $5.9 billion cost of NCUA's efforts to rescue the corporates.
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Office of Examination and Insurance Director Melinda Love said the 0.15% could change depending on a variety of factors, including the health of the NCUSIF at that time and decisions made about long-term plans for U.S. Central and WesCorp, which the agency placed into conservatorship in March.
The board was also told that CAMEL Code 4 and 5 credit unions represent 3.99% of all insured shares.
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