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The NCUA Board will discuss its proposal to close the Temporary Corporate Credit Union Stabilization Fund (TCCUSF) and raise the share insurance fund's normal operating level (NOL) during its open meeting on Sept. 28. NAFCU members oppose this proposal, and the association will continue to advocate for a full TCCUSF refund on behalf of all credit unions.

"Though we appreciate the NCUA Board and staff working on this issue, NAFCU members stand opposed to this proposal – as written – because they continue to call for a full refund from the TCCUSF," said NAFCU President and CEO Dan Berger. "Even though we are the only national credit union trade association opposed to raising the NOL, NAFCU will continue to do what is in our members' best interest."

Curious about how NAFCU members came to oppose this proposal? Here's a brief look at what the proposal does and the concerns NAFCU members have raised:

What will the NCUA's TCCUSF closure proposal do if enacted?

• Close the TCCUSF fund and merge the assets and liabilities into the National Credit Union Share Insurance Fund (NCUSIF).
• Raise the NCUSIF's NOL from 1.3 percent to 1.39 percent – the highest level in the fund's history.

How will this proposal impact credit unions?

• Credit unions will receive a much smaller portion of the money they put into TCCUSF – receiving just 15 percent of the $4.8 billion they have paid into the fund since 2010.
• An increase in the NCUSIF's NOL from 1.3 percent to 1.39 percent may set a precedent for retaining excess money in the fund.

• Use this calculator to learn how much money your credit union stands to lose if the NOL rises above 1.3 percent.