Using the NCUA's midpoint estimates of remaining corporate stabilization costs, CUNA Chief Economist Bill Hampel estimates it would take four more years of assessments similar to the 2012 rate of 9.5 basis points to pay off corporate losses.
The NCUA Board last week set the rate and said the assessment payments will be due Oct. 9. Credit unions should expense the assessment in August and report the entire expense on their Sept. 30 Call Reports, the agency said.
However, Hampel said there are two important reasons to lower the annual assessment and spread out the Temporary Corporate Credit Union Stabilization Fund's repayment process.
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