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NCUA Passed A New Insurance Fund Premium On Credit Unions

Friday, September 17, 2010 - 5:28 AM
The NCUA just approved of a new assessment on credit unions to help replenish the NCUA deposit insurance fund. It's similar to last year's premium. I'm afraid this won't help deposit rates. Here's an excerpt from the NCUA chairman's statement:
I assure all stakeholders that the decision to charge this premium is not taken lightly. We understand that 2010 has been a challenging year. Many credit unions are struggling to contain costs.

But I can say unequivocally: This premium is absolutely necessary to replenish the Share Insurance Fund to a level that will protect America’s 90 million federally insured credit union members. Members who have kept their savings within the federal coverage limit have never lost a penny – and we intend to keep it that way.

Ken TuminKen Tumin5,472 posts since
Nov 29, 2009
Rep Points: 125,708