CUNA finds credit unions paying less assessments than banks
11/30/2010 10:22 am
With the continuing cost of the NCUA assessments on credit unions' minds, CUNA's Economic and Statistics Department prepared a White Paper that compares NCUA and FDIC assessments over the past three years, as well as the projected assessments over the next decade. The analysis found that credit unions have so far paid about 20 percent less than similar-sized banks, and can expect to pay about one-third less than what similar-sized FDIC-insured institutions will be required to pay over the coming 11 years.
The White Paper goes in depth on the state of the NCUSIF and the Corporate Stabilization Fund while comparing them to the Bank Insurance Fund. The paper finds that the Bank Insurance Fund is in the negative and it will take double digit basis points assessments from the FDIC over the next eight years to help get it back to positive ground. Over that same period, it's estimated that credit unions will pay double digit assessments just two years and the rest should be single digit basis points.
You can find the white paper on the
LSCU's Research and Economic Data page. That page houses economic data from the LSCU, CUNA and Filene. This page also has the power of membership data that shows why being a member of credit union is beneficial.