NCUA Board Sets 2012 TCCUSF assessment at 9.5 Basis Points (Misc News: July 25, 2012)
Credit unions will be charged a 2012 Temporary Corporate Credit Union Stabilization Fund assessment of 9.5 basis points of their insured shares as of June 30, the NCUA announced at Tuesday's July open board meeting.
CUNA News Now reported that the TCCUSF assessment is expected to bring in $790.5 million in funds to help cover the costs of corporate credit union stabilization. Invoices for the assessment will be mailed to credit unions in September, and payment will be due by Oct. 9, the NCUA said. Credit unions should record the TCCUSF assessment as an expense on their August financial reports.
The assessment will reduce the aggregate net worth ratio of all credit unions from 10.01% to 9.96%, with an average 6 bp decline, according to the NCUA. A total of 335 credit unions will not post net income this year as a result of the assessment costs, the NCUA added.