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CUNA has written NCUA Board Chairman Debbie Matz to ask the agency to temporarily reduce the normal operating level for the NCUSIF from 1.3% of insured shares to 1.2%.

“CUNA is proposing that NCUA take steps that will help credit unions mitigate and manage their insurance costs, wrote CUNA CEO Dan Mica. “One is to reduce temporarily the normal operating level of the NCUSIF from the current 1.3% to no lower than 1.2%, the floor established for the Fund in the FCU Act. While insured credit unions must maintain a deposit with the NCUSIF equal to 1% of their insured shares, slightly reducing the target level for the Fund’s retained earnings will potentially reduce credit unions’ insurance payments over the next few years,” he wrote.

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