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Credit unions can learn the amount of the distribution they will receive from the National Credit Union Share Insurance Fund (NCUSIF) this year with NAFCU's updated SIF calculator (member only). The calculator reflects the latest figures shared during Thursday's open NCUA board meeting.

Based on the NCUA's final NCUSIF audit, the equity ratio on insured shares stands at 1.46 percent – higher than the current normal operating level (NOL) of 1.39 percent. From this ratio, the NCUA has revised its distribution to credit unions this year to be $735.7 million.

The board Thursday also announced that credit unions can expect their distributions in the third quarter of this year.

This distribution is the result of the NCUA Board vote last September to merge the Temporary Corporate Credit Union Stabilization Fund (TCCUSF) with the NCUSIF. At the same time, NCUA also elected to raise the NOL of the NCUSIF to 1.39 percent.

Based on NCUA's figures, the increase in the NOL will result in the additional retention of approximately $980 million in the NCUSIF. These funds would have been added to the distribution to credit unions if NCUA had not increased the NOL.

NAFCU was the only trade association fighting to keep the NOL at 1.3 percent so credit unions could realize the fullest distribution possible; the association continues to urge the NCUA to return the NOL to that level as soon as possible.

"The money credit unions will have returned to them belongs to their members and is critical to the products and services they offer. That is why NAFCU has consistently pushed for the NCUA to give all of the funds back to credit unions as soon as possible," said NAFCU President and CEO Dan Berger. "While we are grateful credit unions will get some money back soon, NAFCU will continue to aggressively fight for credit unions to get all their money back, not just the small portion they're due to receive."

Also during Thursday's meeting:

• The board approved a final rule amending the agency's regulations governing share insurance to add a temporary provision that will govern pay-outs for the 2018 NCUSIF distribution.
• NCUA staff presented the NCUSIF report for the fourth quarter of 2017. Insured shares grew 5.7 percent in 2017. The fund anticipates invoicing $110 million for the 1 percent capital deposit adjustment in March.

The NCUA also announced Thursday that its four permanent funds – NCUSIF, Operating Fund, Central Liquidity Facility and Community Development Revolving Loan Fund – have all earned "clean" audit opinions for 2017, according to statements released by the agency's Office of the Inspector General.