As a result of the NCUA board of directors’ approval of the agency’s 2022 budget, among other factors, federal credit union operating fees will decrease by an average of 23.7% in 2022, the agency said on Friday.
Approximately half of the 2022 operating fee reduction results from the NCUA board applying a $15 million credit to amounts that would otherwise be due to support the approved 2022 operating and capital budgets. The $15 million credit comes from previously collected operating fees that remained unspent at the end of 2021, an NCUA letter to credit unions stated.
The remaining reduction to the 2022 operating fee results from a 2021 budget surplus that was used to offset the 2022 budget, growth in reported credit union system assets in 2021, and a slight increase to the share of the operating budget funded from the Share Insurance Fund through the OTR methodology, the letter explains.
Credit unions can access details about the 2022 operating fee schedule, in addition to an online calculator to help calculate the exact amount of their credit union’s 2022 operating fee, in the letter to credit unions located on the NCUA website.