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.
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