Newsroom
CUs to receive $160M in NCUSIF distributions this week
The NCUA announced Tuesday that more than 5,500 credit unions are set to receive $160.1 million in equity distributions from the National Credit Union Share Insurance Fund (NCUSIF) this week. The agency reported an equity ratio of 1.39 percent at the end of 2018, which was above the board-approved normal operating level (NOL) of 1.38 triggering this distribution.
"Prudent actions by the NCUA Board and the agency's successful stewardship of the Share Insurance Fund made this distribution possible," said NCUA Board Chairman Rodney Hood in a statement released by the agency. "I'm delighted the NCUA has been able to issue nearly $900 million in equity distributions over the past year – money that is going back into communities to support small businesses, promote economic growth, and improve the financial well-being of credit union members across the country."
Previously, the agency distributed $736 million to eligible credit unions in the third quarter of 2018.
The NCUA Board has committed to reviewing its normal operating level (NOL) annually; NAFCU was the only trade association fighting to keep the NOL at 1.3 percent. Hood last week told the House Financial Services Committee that he would like to return the NOL to 1.3 percent.
"NAFCU thanks the NCUA for reviewing and lowering the NCUSIF's normal operating level, so that credit unions can receive a refund this year. However, we continue to believe that it should be reset to 1.3 percent so credit unions can realize the fullest distribution possible," said NAFCU President and CEO Dan Berger when the NCUA announced the distribution in March.
Hood met with Berger at NAFCU headquarters earlier this month to discuss priorities for the agency, including reducing regulatory burdens, modernizing the federal credit union charter and creating opportunities for credit unions to serve more communities.
According to the NCUA, statements have been mailed to those who will be receiving dividends indicating the amount that they will receive. Information on the NCUSIF distribution and the method used by the NCUA to determine each institution's share can be found here.
NAFCU's SIF distribution calculator also allows member credit unions to estimate their respective distribution amount.
Share This
Related Resources
Add to Calendar 2024-03-26 09:00:00 2024-03-26 09:00:00 Ensuring Safety and Soundness with AI Listen On: Key Takeaways: [03:48] The regulators are very focused on fairness in lending especially when it comes to using AI and outside models. The industry is moving very fast. [08:25] Articulating a business use case and how partnering with a Fintech can support it is the first step in having a successful conversation with your board. [10:30] Talk to your account executive at your Fintech and have them help you overcome objections. [15:01] Plan for oversight. It is not set and forget it. Your regulators are going to want to know how you are overseeing that from a 3rd party risk management standpoint. [15:47] Have a handle on your reserves and capacity for lending and start small and grow slowly. Web NAFCU digital@nafcu.org America/New_York public
Ensuring Safety and Soundness with AI
preferred partner
Upstart
Podcast
Help Ease Your Members' Loan Payment Concerns
Planning, Auto Loans, Research
preferred partner
TruStage
Blog Post
The Value of Risk Management in Cybersecurity
preferred partner
DefenseStorm
Video
Add to Calendar 2024-03-13 14:00:00 2024-03-13 14:00:00 Digital Assets in Credit Unions: What Are the AML Risks? The digital asset boom is upon us. Like it or not, you have to deal with it effectively with your members, credit unions are on the frontlines of crypto adoption. Even the NCUA has been providing more and more guidance on different aspects of digital assets. You need to be prepared. How? By understanding the core basics of digital assets (specifically cryptocurrencies) the risks that it poses to credit unions and how you can be better prepared to handle issues when they arise. In this webinar, Understanding the Digital Assets Boom, you’ll focus on the basics of digital assets, a background of cryptocurrencies and types, the regulations that are established and the proposals that are being considered and how to position yourself to understand all of these components and include them in your day-to-day roles. Key Takeaways Comprehend the basics of digital assets including cryptocurrencies Understand currently established regulations and what the future has in store, specifically in 2024 Identify and remediate issues that arise in your credit union Register Now $295 Members | $395 Nonmembers(Additional $50 for USB)One registration gives your entire team access to the live webinar and on-demand recording until March 13, 2025Go to the Online Training Center to access the webinar after purchase » Who Should Attend NCCOs NCRMs Compliance and risk titles Education Credits NCCOs will receive 1.0 CEUs for participating in this webinar NCRMs will recieve 1.0 CEUs for participating in this webinar Web NAFCU digital@nafcu.org America/New_York public
Digital Assets in Credit Unions: What Are the AML Risks?
Credits: NCCO, NCRM
Webinar
Get daily updates.
Subscribe to NAFCU today.