For the second time in a month, NCUA Chairman Debbie Matz rejected a request by a credit union trade association to lower the NCUSIF operating level but said the agency would revisit the issue in September.
In a letter responding to CUNA President/CEO Dan Mica's request that the agency drop its operating level to 1.2% of credit union assets, Matz wrote that the agency's target operating level is 1.3% and its current equity ratio is 1.24%, which could decline due to further credit union losses.
She said the NCUA will decide in the fall whether to replenish the NCUSIF to 1.3% or let it continue to decline.
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Matz noted that the Federal Credit Union Act mandates that the NCUSIF ratio must be between 1.2% and 1.5%.
Matz was responding to a March 5 letter from Mica.
She expressed the same sentiments in a letter to NAFCU President/CEO Fred Becker, who made the same request in a letter last December.
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