NCUA's FCU Operating Fee Schedule Published for 2024
The NCUA Board approved a 16.36% increase during the December meeting.
Late last week, NCUA Board Chairman Todd Harper published the 2024 operating fee schedule for federal credit unions. According to the communication published on the NCUA’s website, the first payment for operating fee and capitalization deposit adjustment will be combined into a single invoice and must be paid no later than April 18, 2024.
The NCUA Board approved the 16.36% hike during its December meeting when Board members approved the operating and capital budgets for 2024.
The timeline for operating fee and Share Insurance Fund invoices will be based on four-quarter averages of total assets reported as of Sept. 30, 2023; June 30, 2023; March 31, 2023 and Dec. 31, 2022, according to the NCUA.
Harper wrote, “In March 2024, federal credit unions with four-quarter average total assets greater than $2 million will receive an invoice for their 2024 operating fees. Federal credit unions with a four-quarter average of $2 million or less in total assets are exempt from paying the operating fee.”
Harper also stated, “The increase in the 2024 operating fee results from budgetary growth at the NCUA and the lack of a 2024 operating fee credit for unspent fees collected in past years. The 2024 operating fee is based on the NCUA’s operating and capital budgets, which grew approximately 7% combined, between 2023 and 2024. The NCUA applied credits to the operating fee charges for 2022 and 2023 for the fees it collected but did not spend in 2021 and 2022, largely because of reduced travel spending during the COVID-19 pandemic. Travel-related spending increased in 2023, and the NCUA ended the year without sufficient balances to provide a credit to the 2024 operating fee.”
The NCUA also published its online calculator for credit unions, and officials expect to provide credit unions with individual invoices beginning in March 2024.