The NCUA board ruled on Thursday, during its open meeting, that it will not charge a Temporary Corporate Credit Union Stabilization Fund (TCCUSF) assessment in 2014. Also, the National Credit Union Share Insurance Fund assessment for 2014 will be between zero and five basis points (bp).
CUNA and the League have been asking the NCUA to set the range for the TCCUSF assessment as narrow as possible, starting with zero bp. Credit unions have paid $4.8 billion in TCCUSF assessments since the fund was established.
The NCUA also will receive $1.4 billion through a settlement with JP Morgan announced this week. The settlement funds "will greatly benefit credit unions" and "will enable NCUA to greatly reduce the assessments that all credit unions have to pay," NCUA Chairman Debbie Matz said this week.
A final rule on credit union service organizations and the 2014 NCUA budget, overhead transfer rate and operating fee scale are also on the open board meeting agenda.