ALEXANDRIA, Va.-NCUA said it is preparing to send out its annual assessment for operating fees to federally chartered CUs.
In a somewhat convoluted explanation, NCUA told federal credit unions that while the actual rate has decreased by 1.58%, the asset dividing points will be increased by 8.50%. The operating fees, which are only assessed federally chartered credit unions, will pay for 43% of NCUA's $200-million budget for this year, with the remaining 57% raised from funds transferred from the $8 billion National CU Share Insurance Fund under the so-called overhead transfer rate.
The bottom line is that the operating fees for federal charters will rise about $2 million more this year, spread among about 150 fewer federal credit unions.
These amounts are adjusted each year by the same percentage as the projected federal credit union asset growth in order to preserve the relationship of the scale to the asset base.
Faced with continuing losses and failures among credit unions, the NCUA Board approved a $23-million increase in spending for 2010, which will pay for, among other things, 75 new examiners and an expansion of the agency by adding a new office of consumer affairs and a chief economist.
The operating fee and the annual adjustments to the 1% NCUSIF capitalization deposit adjustment will be based upon the assets and the insured shares, respectively, that you report as of Dec. 31, 2009.
NCUA said it plans to mail the operating fee invoices in March and the payment will be due by April 15.
