Although the majority of NCUA Board members are Democrats, when it comes to the question of lowering the NCUSIF's operating level, they have followed the advice of former First Lady Nancy Reagan: "Just say no."
Earlier this month, CUNA became the latest industry group to urge the agency to lower the level to 1.2% of credit union assets, down from its current level of 1.3%. While the agency hasn't specifically responded to CUNA's request, it has generally been reluctant to lower the level.
In 1998, Congress passed legislation gave the agency the right to set the fund's operating level between 1.2% and 1.5%. The level has stayed the same since then and the fund's equity ratio has ranged from 1.24% to 1.30%.
Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.
Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Critical CUTimes.com information including comprehensive product and service provider listings via the Marketplace Directory, CU Careers, resources from industry leaders, webcasts, and breaking news, analysis and more with our informative Newsletters.
- Exclusive discounts on ALM and CU Times events.
- Access to other award-winning ALM websites including Law.com and GlobeSt.com.
Already have an account? Sign In
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
