ALEXANDRIA, Va.—During NCUA’s open board meeting today, credit unions should learn if they will be assessed a premium related to the National Credit Union Share Insurance Fund (NCUSIF) and, if so, a when.
The NCUA will hear its quarterly report on the National Credit Union Share Insurance Fund, the details of which have already been released, as CUToday.info reported separately. According to the new data, the fund’s equity ratio stood at 1.26% as of Dec. 31, 2020, below the 1.3% threshold at which the agency can charge a premium to replenish the fund.
NAFCU has sent a letter to NCUA saying the shortfall is temporary and will soon be resolved, and that no premium is necessary. The letter can be found here.
The agency today is also expected to issue a final rule on joint ownership share accounts, providing parity with changes made for banks by the FDIC in 2019.
In addition, the board will receive a briefing on the Consolidated Appropriations Act of 2021’s emergency capital investment program (ECIP)
The meeting, which will be Todd Harper’s first as chairman, will begin at 10 ET. CUToday.info will provide complete coverage.