Citing a large number of its members who will be negatively affected if this year's assessments are above 20 basis points, NAFCU President/CEO Fred Becker today again urged the NCUA to "use the authorized tools at its disposal to spread out assessment expenses."
In a letter to NCUA Chairman Debbie Matz, Becker said if the NCUSIF's equity ratio falls below 1.2%, the agency should develop a restoration plan to bring it to 1.2, rather than maintaining it at its past operating level of 1.3%.
In responding to a previous letter from Becker and another one from CUNA President/CEO Dan Mica, Matz said the agency would make any decision about changing the equity ratio in the fall when it makes a decision about this year's assessments.
The Federal Credit Union Act mandates that the NCUSIF ratio must be between 1.20% and 1.50%.
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.