20-year debate resolved ‘at long last’ for 2018 and beyond

The NCUA Board on Thursday adopted a new methodology for the “overhead transfer rate” (OTR) of funds from the National Credit Union Share Insurance Fund to cover insurance-related expenses of the National Credit Union Administration’s operating budget. NASCUS President and CEO Lucy Ito issued the following statement:

“A decades' old debate between NCUA and the state credit union system has been resolved, at long last. Over the past 20 years, NASCUS has advocated that NCUA allocate its safety and soundness examination costs for federal credit unions fairly between the insurance fund and federal credit union operating fees and to open the OTR to periodic public notice and comment.  NASCUS and the state system applaud and thank Chairman McWatters, Board Member Metsger, and NCUA staff for their open dialogue with the state system and for demonstrating their commitment to transparency, clarity, and fairness.”

Information Contact:
Lucy Ito, NASCUS President and CEO; lito@nascus.org

The National Association of State Credit Union Supervisors (NASCUS) is the primary resource and voice of the state governmental agencies that charter, regulate and examine the nation’s state-chartered credit unions. NASCUS membership is made up of state-chartered credit unions, state regulators and other supporters of the state credit union system. NASCUS is the only organization dedicated to the defense and promotion of the state credit union charter and the autonomy of state credit union regulatory agencies.