Federally insured credit unions will not pay insurance premiums next year and will receive a $118 million refund this year, the National Credit Union Administration said last week.

The ratio of reserves in the National Credit Union Share Insurance Fund to insured deposits is currently $1.32 for every $100 of insured deposits and is projected to be $1.34 by yearend.

The refund will return the fund to $1.30 for every $100 of insured deposits, the level required by federal law. This is the fourth consecutive year that credit unions have received a refund.

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