I'm going to be lazy today and just provide you a re-print from CUiSIGHT.com and the Credit Union Journal. But this is important. I know what my boss might be thinking . . . I'm always lazy!
NCUA Prepares Special Insurance Assessment August 28, 2009 – Credit Union Journal
ALEXANDRIA, Va. – NCUA is putting together a proposal that will require credit unions to pay another $1 billion into the National CU Share Insurance Fund in the face of rising credit union losses and expanded coverage on member deposits.
The additional charge will be voted at the Sept. 24 NCUA Board meeting, according to John McKechnie, NCUA chief spokesman. Credit unions would be required to pay the extra charge in the fourth quarter.
The new charge is on top of $1 billion credit unions are expected to pay annually over the next seven years to fund the corporate credit union bailout. Those charges have been moved from the NCUSIF to a new Corporate CU Stabilization Fund, which will effectuate the corporate bailout.
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