The National Credit Union Administration (NCUA) has issued Letter 13-CU-06, 2013 Corporate Stabilization Fund Assessment.
The National Credit Union Administration (NCUA) has issued Letter 13-CU-06, 2013 Corporate Stabilization Fund Assessment. In the letter, NCUA Chairman Debbie Matz explains why all credit unions have to pay assessments, as well as why the assessment is set at eight basis points.
According to the letter, each credit union will receive an invoice in September for the 2013 assessment, which will be due by Oct.16, 2013.
In the letter, Matz explains that credit unions should have expensed the assessment in July and must report the entire expense on the Sept.30, 2013, Call Report using the Temporary Corporate CU Stabilization Fund Assessment line (account code 311) on the Statement of Income and Expense.
Matz points out in the letter that the NCUA continues to remind examiners to take into account the impact of the assessment when evaluating and rating credit union earnings and net worth performance.
Credit unions can read the “2013 Corporate Stabilization Fund Assessment” letter on the NCUA’s website.