ALEXANDRIA, Va. — The NCUA Board has approved an assessment of 12.42 basis points that federally insured credit unions must pay to shore up the NCUSIF, which has seen its assets drained because of losses in the credit union system.

As of Aug. 31, the equity ratio for the NCUSIF dropped to 1.176%, according to the NCUA's board action memorandum. When the fund falls below 1.2% it must publish a restoration plan in the federal register. The premium will bring the equity ratio back up to 1.3% but that's expected to decline again because of continued strains on the fund.

The board voted on the assessment at this morning's 10 a.m. ET meeting.

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