NCUA Board Member Michael Fryzel told Credit Union Times that the total cost for the first year of the derivatives program that was finalized on Thursday is approximately $2.6 million.

Fryzel said the industry should know every credit union is paying for the program even if they do not participate.

"I just wanted the industry to know what this program is going to cost in total. The $750,000 is basically the first year cost for outside resourcing of things that may be needed," Fryzel said in a video interview after the monthly NCUA board meeting on Thursday.

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