Newsroom

FOR IMMEDIATE RELEASE

Washington (September 28, 2017) -National Association of Federally-Insured Credit Unions(NAFCU)President and CEO Dan Berger issued the following statement on the National Credit Union Administration (NCUA) Board'svote to raise the normal operating level (NOL) of the share insurance fund to 1.39 percent - as proposed - and approve merging the Temporary Corporate Credit Union Stabilization Fund (TCCUSF) with the National Credit Union Share Insurance Fund (NCUSIF).

These actions, taken during the board's open meeting today, set the stage for the NCUA to retain almost $1 billionfromthe merger of the funds. Credit unions are expected to receive a refund from the agency in the amount of $600 million to $800 million in 2018. This amounts to credit unions being refunded only about 15 percent of their original assessments made to the TCCUSF.

"NAFCU and the credit unions we represent appreciate the NCUA's work on this issue, but this approach and outcome are not ideal," said Berger. "Raising the NOL by 9 basis points is unprecedented and unnecessary. Two-thirds of all who commented on the proposal - including our members - opposed such a dramatic increase and rightly so."

NAFCU will continue to push for future rebates for credit unions.

The National Association of Federally-Insured Credit Unions is the only national trade association focusing exclusively on federal issues affecting the nation's federally-insured credit unions. NAFCU membership is direct and provides credit unions with the best in federal advocacy, education and compliance assistance. For more information on NAFCU, go towww.nafcu.orgor@NAFCUon Twitter.

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Jacqueline Ramsay
jramsay@nafcu.org