Federal credit unions will be invoiced by their federal regulator next month for this year’s operating fees plus any adjustment due on their capitalization deposit in the federal fund that insures their members’ shares (deposits), according to a letter Tuesday to the institutions.
The National Credit Union Administration (NCUA), in a Letter to Federal Credit Unions signed by agency board Chairman Kyle Hauptman, included a series of Q&As on how the operating fees are determined and an attached operating fee schedule showing how each fee will be calculated. Payments of the operating fee and the National Credit Union Share Insurance Fund (NCUSIF) deposit adjustment are due April 18, the letter says.
The FCUs’ operating fees will cover 38.3% of the agency’s total operating budget this year of $382.3 million. The NCUSIF, through the “overhead transfer rate” (or OTR, covering fund-related expenses), will pay the remaining 61.7% of that budget, the agency said.
The agency said that on average, the operating fees will decrease by about 1.2% in 2025, reflecting just 2.4% budget growth this year for the agency and FCU asset growth of 3.94% over a four-quarter average.
Each FCU’s operating fee will be calculated, the NCUA said, as a percentage of its four-quarter average of total assets reported as of Sept. 30, 2024; June 30, 2024; March 31, 2024; and Dec. 31, 2023. FCUs with a four-quarter average of $2.08 million or less in total assets are exempt from the operating fee, the agency said, up from $2 million the previous year.
As for NCUSIF deposit adjustments, all federally insured credit unions must maintain their NCUSIF capitalization deposits at 1% of insured shares. An institution’s adjustment to its NCUSIF capitalization deposit will be based on insured shares reported as of Dec. 31, 2024, the agency said.
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