ALEXANDRIA, Va.–NCUA is reporting federal credit union operating fees will increase by an average of approximately 16.36% in 2024.
In addition, as CUToday.info reported earlier, the operating fee exemption threshold was increased to $2 million from $1 million, meaning FCUs with a four-quarter average of $2 million or less in total assets are exempt from the operating fee.
The agency said the increase in the 2024 operating fee is to cover the larger budget approved by the agency’s board at its late 2023 meeting, as well as the “lack of a 2024 operating fee credit for unspent fees collected in past years.”
Explanation for Increase
“The 2024 operating fee is based on the NCUA’s operating and capital budgets, which grew approximately 7% combined, between 2023 and 2024,” the agency said in a statement. “The NCUA applied credits to the operating fee charges for 2022 and 2023 for the fees it collected but did not spend in 2021 and 2022, largely because of reduced travel spending during the COVID-19 pandemic. Travel-related spending increased in 2023, and the NCUA ended the year without sufficient balances to provide a credit to the 2024 operating fee.”
The full Letter to Credit Unions can be found here.
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