ALEXANDRIA, Va. — The NCUA Board last Thursday approved a 13.4 basis point assessment for federally insured credit unions to help the Corporate Stabilization Fund repay the Treasury Department.
The assessment is expected to raise $1 billion, which will go toward the $1.5 billion that the fund will pay to the Treasury Department by Dec. 30. The remaining $500 million will come from a reduction in the liquidity assistance provided to the corporate system, NCUA Deputy Executive Director Larry Fazio told the board.
The assessment, which will be billed in mid-July and due in mid-August, is needed because of the problems that corporate credit unions have faced in the past two years.
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