ALEXANDRIA, Va.–NCUA has made more information about its upcoming $160 million dividend distribution, while also announcingregistration is open for an “Ask the Regulators” webinar on coming changes to CECL.
On the dividend distribution, the agency said it has released additional information around its Equity Distribution Rule, 2018 Frequently Asked Questions (FAQs); accounting for the agency’s 2018 Equity Distribution, and, 2018 Share Insurance Fund Equity Distribution Explanatory Dividend Statement.
The distribution will be made to federally insured credit unions that filed a quarterly call report for at least one reporting period in calendar year 2018, on a pro rata distribution. The agency noted that the eligibility criteria for credit unions to receive an equity distribution is detailed in the final rule approved by the NCUA Board in February 2018 (and referred to in the notice issued Tuesday).
The equity distribution came about after the NCUA Board early this month determined that the equity level of the National Credit Union Share Insurance Fund (NCUSIF) was 1.39% — above the board-approved normal operating level (NOL) of 1.38%. To reduce the equity ratio to the approved NOL, a $160.1 million distribution is required, the agency said.
The 2019 distribution follows a $736-million payout from the insurance fund in 2018.
For info: NCUA’s Share Insurance Fund Distribution page on NCUA.gov.
'Ask the Regulators' Webinar
Separately, NCUA announced registration is open for an “Ask the Regulators” webinar on coming changes to the Current Expected Credit Losses accounting standard.
The April 11 webinar, scheduled to begin at 2 p.m. ET, will cover the significant differences financial institutions should expect in their accounting procedures following the CECL changes, scheduled for 2022. Participants will use the registration link to log into the webinar.
NCUA said the webinar will focus on how CECL changes will affect smaller institutions and will include a detailed discussion of the weighted average remaining maturity method for estimating the allowance for credit losses. There will be a question-and-answer session, and participants also may submit questions in advance at rapid@stls.frb.org.
The webinar, hosted by the Federal Reserve Bank of St. Louis, will be presented by staff from NCUA, the Financial Accounting Standards Board, the Federal Reserve, the Federal Deposit Insurance Corporation, the Office of the Comptroller of the Currency, the Securities and Exchange Commission, and the Conference of State Bank Supervisors.
To register for the webinar, go here.
NCUA said it will post updated frequently asked questions about the anticipated CECL changes in the near future.
The webinar will be archived approximately three weeks following the live event. The archive will require a separate registration, the agency noted.