ALEXANDRIA, Va. — Federally insured credit unions will have to pay a 0.15% premium to replenish the NCUSIF and to finance the Corporate Stabilization Fund, as a result of the NCUA Board's unanimous decision today.
The premium, which will be billed in mid-November and due in mid-December, is needed because of the problems that corporate and natural person credit unions have faced in the past year and the slow economic recovery projected for the short term.
The premium will return the NCUSIF's equity ratio to 1.3% and enable the Stabilization Fund to repay $310 million of the funds it borrowed from the Treasury Department.
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Melinda Love, the director of NCUA's Office of Examination and Insurance, told the board that the staff will likely recommend additional premiums during each of the next two years.
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