Tuesday, September 13, 2011 10:51:00 AM
NCUA late last week reminded credit unions that payments for their 2011 Temporary Corporate Credit Union Stabilization Fund (TCCUSF) Assessments, as well as a semi-annual National Credit Union Share Insurance Fund (NCUSIF) 1% capitalization deposit adjustment, must be made by Sept. 27.
The agency late last month assessed a 25 basis point (bp) TCCUSF premium for 2011, and that premium is expected to bring in $1.96 billion in funds to help cover the costs of corporate credit union stabilization. The NCUA said credit unions should expense the assessment in September and report the full expense on their Sept. 30 call reports.
The agency during that meeting also said there is "no anticipated need" for an NCUSIF premium to be charged in 2011, and an NCUSIF premium "will not be necessary in 2012" if the number of credit union failures maintains its current pace.
Payments may be made through the mail or via an electronic payment portal, pay.gov. Electronic payments will be automatically collected on Sept. 27. The agency added that credit unions that are overcapitalized will receive their refunds on Sept. 23.
For the NCUA release, click here.