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Cornerstone Responds to NCUA 2014 Assessement Announcement
Thursday, November 21, 2013 11:00 AM

Cornerstone Credit Union League CEO Dick Ensweiler and Chairman Paul Trylko have both issued statements on news that the National Credit Union Administration will not charge a Temporary Corporate Credit Union Stabilization Fund (TCCUSF) assessment in 2014.

“This is fantastic news!” exclaimed Ensweiler. “Credit unions did not engage in the risky business practices that helped bring down our economy; however, we’ve had to pay the price for those who did. This relief is a long-time coming and hopefully signals the end of a dark day in our economic history.”  

Those sentiments were echoed by Trylko.

“This is welcome news. The TCCUSF assessment has been a line item in our budget for several years, so it’s certainly good for our bottom line, and more importantly for our members, that we will not have to include this in 2014.”

The National Credit Union Share Insurance Fund assessment for 2014 will be between zero and five basis points (bp), the NCUA reported.

Credit unions have paid $4.8 billion in TCCUSF assessments since the fund was established. The projected net remaining assessments over the life of the TCCUSF, based on estimates from the second quarter of 2013, now range from -$0.2 billion to $1.6 billion.

The NCUA also will receive $1.4 billion through a settlement with JP Morgan announced this week. The settlement funds "will greatly benefit credit unions" and "will enable NCUA to greatly reduce the assessments that all credit unions have to pay," NCUA Chairman Debbie Matz said this week.