Thu, Feb 15, 2018
The NCUA board voted unanimously today to rebate $735.7 million to credit unions for the year ending December 31, 2017 from the closure of the Temporary Corporate Credit Union Stabilization Fund (TCCUSF). The board estimates this dividend will be paid in the third quarter of 2018.
The NCUA reached that number based on the Share Insurance Fund equity ratio as of December 31, 2017 which was 1.46 percent, higher than the current normal operating level (NOL) of 1.39 percent. From this ratio, the NCUA determined its distribution to credit unions.
The MD|DC Credit Union Association supported the closure of the TCCUSF in a comment letter to the NCUA, but expressed concern over raising the NOL to 1.39. The Association and credit unions will continue to engage the NCUA on this issue.
NCUA provided FAQs which can be viewed here.