NCUA has released information that credit unions can use for calculating and recording the planned Share Insurance Fund equity distribution . The agency posted new frequently asked questions about the distribution.
Here are the complete details, with a link to the FAQ document:
NCUA Posts New Share Insurance Fund Distribution Directions Online
ALEXANDRIA, Va. (March 29, 2018) – Federally insured credit unions now can find online information about calculating and recording the planned Share Insurance Fund equity distribution from the National Credit Union Administration.
The NCUA today posted new frequently asked questions about the distribution that include a preliminary pro rata calculation figure and instructions for recording the distribution, available online here.
The pro rata calculation figure is subject to change, and the NCUA assumes no responsibility for an eligible credit union’s accounting estimate of its Share Insurance Fund equity distribution.
Following the closure of the Temporary Corporate Credit Union Stabilization Fund and the transfer of assets to the Share Insurance Fund on Oct. 1, 2017, the NCUA Board, at its February 2018 open meeting, authorized a statutorily required Share Insurance Fund equity distribution of $736 million to eligible credit unions, to be paid in the third quarter of 2018.