NCUA released a new letter to federal credit unions in regards to the operating fee schedule adjusted in 2019. The letter is intended to help credit unions calculate their exact operating fees in 2019.
Operating fees are due to the agency no later than Wednesday, April 17, 2019. The NCUA board approved a $304.4 million operating budget for 2019 during its open meeting on Nov. 15. Federal credit union operating fees help fund the agency’s operating budget in 2019.
The letter includes the fee schedule as well as an online calculator to help individual federal credit unions determine the fees they will owe.
Credit unions with less than $1 million in assets will not be assessed an operating fee.
The letter also explains that federal credit unions with assets exceeding $1 million will receive invoices for 2019 operating fees in March. Fees will be based on assets reported as of Dec. 31, 2018, and all federally insured credit unions will be notified of any adjustments needed to maintain their National Credit Union Share Insurance Fund capitalization deposits at 1 percent of insured shares. NCUA will combine the operating fee and capitalization deposit adjustment into a single invoice to the credit union.
To learn more, visit NCUA’s website.