ALEXANDRIA, Va.–The NCUA board has voted 3-0 to amend how annual operating fees are set for federal credit unions.
Currently, FCUs are assessed their operating fee based on asset fees as of their Dec. 31 call report each year. Under the newly approved plan, FCUs will be assessed an operating fee based on an average of assets reported on their previous four call reports.
The change, NCUA staff told the board, would reduce the seasonal fluctuations seen in call reports and provide more certainty to the federal credit union about their operating fee in the coming year.
NCUA said it received nine comment letters on the proposal, which the NCUA board put out for comment at its July meeting. Two of those letters came from the national trade associations, while the remaining were sent by state leagues. All were supportive of the proposal, NCUA said, although the groups requested some changes be made as part of their feedback.
Among the other changes in the final rule from the proposal:
- Excluded from total assets are any loan made as part of the Paycheck Protection Program or any future government stimulus program. Both Board Members Todd Harper and Kyle Hauptman said the change was especially pertinent, as Congress is looking to extend the PPP and other aid programs
- Deleted from the proposal are any references to the CU System Investment Program and the Homeowners Affordable Relief program, both of which are defunct
The new rule and calculation will take effect 30 days after being published in the Federal Register.