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In today’s legislative and economic climate, the credit union industry is facing myriad unknowns. The recent passage of the Dodd-Frank Wall Street Reform and Consumer Protection Act, with the creation of the Consumer Financial Protection Bureau, looms large on our horizon, and many of the implications remain to be defined.

In addition, we are facing two significant assessments from the NCUA. The first is the already announced Corporate Stabilization Fund expense of 13.4 basis points; the second is the assessment to replenish the National Credit Union Share Insurance Fund, which as of this writing has not been finalized. Both will have a significant impact on credit unions’ bottom lines, and NAFCU continues to work diligently with the NCUA to minimize the impact of these two assessments on credit unions. Specifically, NAFCU successfully collaborated with the NCUA to secure legislation allowing the agency to spread the corporate stabilization expenses over seven years, giving credit unions some welcome relief.

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Peter Westerman

 

Credit Union Times

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