NCUA staff has set the range of post-2013 TCCUSF assessments between minus $200 million and $1.6 billion.
In addition, NCUA announced that the range of NCUSIF assessments for 2014 will be between 0 and 5 basis points.
Thursday, November 21, 2013
No TCCUSF Assessments for 2014
NCUA is reporting that there will be no Temporary Corporate Credit Union Stabilization Fund (TCCUSF) assessments for 2014.
NCUA staff has set the range of post-2013 TCCUSF assessments between minus $200 million and $1.6 billion.
In addition, NCUA announced that the range of NCUSIF assessments for 2014 will be between 0 and 5 basis points.
NCUA staff has set the range of post-2013 TCCUSF assessments between minus $200 million and $1.6 billion.
In addition, NCUA announced that the range of NCUSIF assessments for 2014 will be between 0 and 5 basis points.
Why even 5bps? They plan to increase in their 2014 spending by 6.7%, and decrease their operating charge to federally chartered credit unions, then take our deposit insurance fund deposit money to pay for all of it via a higher transfer rate out to themselves. And then we ALL pay a 5bp assessment to replace the insurance money NCUA took.
ReplyDeleteAs a state chartered cu chairman, seems we are 0 for 2 here.
Suggested Press Release for ABA:
ReplyDelete"Attention credit union members: Do you know that all of the money called capital at your credit union is legally owned by you? Do you know that your credit union Board works for you but has been letting employees of the federal government take your capital money, as much as they need, to use for pay raises for themselves? Send this to your board and ask that they comment. They must, because you are an owner.
The buck does stop with you."
The board materials show that NCUA still owes the Treasury $4.7 billion. So how can their range of future assessments be negative $200 million to $1.6 billion? Are they depending on winning the other lawsuits to make up the difference? Or some other source of revenue? Or are they just stringing us along and the assessments will start again later?
ReplyDeleteI'm a CPA (as well as a CU CEO) that can read a balance sheet and can understand finance. But for the life of me, I don't understand NCUA's "accounting" for the stabilization fund. Either NCUA is incompetent, they're lying to us about how much is actually owed, or both.
DeleteSeems like Cuna finally accomplished something!
ReplyDeletePressured NCUA into no assessments for corporates and downsized gentilly!
Pretty good.
The NCUA market value on legacy assets is a minus $6billion and Treasury is still owed $4.7 billion.
Good year to convert to private insurance or to a savings bank like HarborOne did...save money and get out before the balloon payment!