Corporate One Federal Credit Union on Friday announced its board of directors had voted to participate in the NCUA's Voluntary Prepayment Assessment Program, which the federal regulator created to help credit unions manage their contributions to mandated corporate stabilization assessment programs.
The board specifically instructed Columbus, Oho-based Corporate One to contribute the maximum permitted under NCUA's guidelines.
NCUA had set a program goal of $500 million, and it also created a funding formula that set out maximum contributions as a percentage of insured shares in a federally insured credit union – specifically, NCUA pegged the maximum amount any credit union could pre-pay at 0.48 percent (48 basis points) of March 31, 2011, insured shares.
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