Skip to main content

Letter to Federal Credit Unions (22-FCU-01) Operating Fee Schedule Adjusted for 2022

Letter to Federal Credit Unions (22-FCU-01)
Operating Fee Schedule Adjusted for 2022

Dear Boards of Directors and Chief Executive Officers:

In December, the NCUA Board unanimously approved a new budget. As a result of that decision and other factors, federal credit union operating fees will decrease by an average of 23.7 percent in 2022.

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. 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 Overhead Transfer Rate (OTR) methodology.

The enclosed 2022 Operating Fee Schedule will help you calculate the exact amount of your credit union’s 2022 operating fee. The enclosure includes a web link to the NCUA’s online calculator. If your credit union owes an operating fee, it will be due no later than Friday, April 15, 2022.

Read the Letter to Federal Credit Unions

 

Comments

Post a Comment

Please no profanity or political comments.

Popular posts from this blog

Open Banking To Hit $94B By 2029—But U.S. Lags Amid Global Surge

Watch our Video on Understanding Open Banking NEW YORK—By 2029, open banking is projected to surge globally to a staggering $94.14 billion in value. Yet despite its rapid evolution and expanding global footprint, adoption remains uneven—hindered by inconsistent regulatory frameworks across countries. According to GlobalData, this disparity poses a key challenge for the sector’s success, with the U.S. notably trailing behind global peers in embracing open banking. The U.K. pioneered open banking and continues to be one of the leaders globally. The country has seen the number of users increasing, with there being 12.09 million active users of open banking in 2024 and 223.9 million payments made. This is an increase of 72% compared to the year before. “As open banking continues to flourish, it is positive to see that the Financial Conduct Authority (FCA) and Payment Systems Regulator (PSR) have outlined how open banking can expand further in the U.K., and also be used in variable...
Post a Comment
Read Complete Article HERE>»

Sunday Reading - What is the Declaration of Independence?

What is the Declaration of Independence ? The Declaration of Independence is the founding document that formally announced the American colonies' break from British rule. It laid the philosophical and moral foundation for American democracy, asserting that individuals possess inherent rights and that governments must be accountable to the people ( read summary here ). Although Thomas Jefferson is often remembered as the sole author ( read initial draft ), extensive collaboration shaped the Declaration. Benjamin Franklin and John Adams made small but impactful revisions— including Franklin’s reported suggestion  to change “We hold these truths to be sacred and undeniable” to “self-evident”—before submitting the draft to Congress. On July 4, 1776, the final text was adopted and sent to printer John Dunlap, who produced an estimated 200 broadsides that night—but that wasn’t the actual day of American independence . Congress had voted for independence two days earlier, ...
Post a Comment
Read Complete Article HERE>»

Why Avoiding "I" in Marketing Presentations Matters

  Grant Sheehan, CCUE | CCUP | CEO NCOFCU  You know how things just stick with you? Well, many years ago, my marketing professor started off his class with the following, and it has never left me.  The Power of Perspective: Why Avoiding "I" in Marketing Presentations Matters In the world of marketing, effective communication is paramount. One valuable piece of advice that often comes from experienced instructors and industry veterans is the importance of avoiding the use of the word “I” in presentations and reports. At first glance, this may seem counterintuitive; after all, many individuals feel that personal anecdotes and experiences can enhance a message. However, upon deeper reflection, the reasoning behind this approach reveals itself as essential for achieving impactful communication. Building Objectivity When marketing professionals present their findings or insights, it’s important to establish credibility. Utilizing data, surveys, and feedback from cu...
Post a Comment
Read Complete Article HERE>»

👨‍👩‍👧‍👦 You Need to Prepare Now to Compete for New Fed Gov’t Funded Savings Accounts for Children

WASHINGTON–Credit unions, which often talk about the need for younger members, will now have the opportunity to compete in a new arena for the youngest members of all, as the recently passed reconciliation bill includes language creating and funding for a new savings account for children, with a one-time deposit of $1,000 from the federal government for those born in 2025 through 2028. The new accounts are expected to create a new battleground of competition for credit unions as every provider from banks to fintechs to others seeks to capture the accounts.  The final version of the bill makes the tax-free savings accounts for minors, called Trump accounts, a form of individual retirement account (IRA) under Sec. 408(a), according to the Journal of Accountancy. Under the legislation, the accounts will be IRAs (but not Roth IRAs) for the exclusive benefit of individuals under 18.  About the Contributions “Contributions can only be made in calendar years before the beneficia...
Post a Comment
Read Complete Article HERE>»

Agencies Issue Exemption Order To Customer Identification Program (CIP) Requirements

WASHINGTON--The Federal Deposit Insurance Corporation, the Office of Comptroller of the Currency, and NCUA, with the concurrence of the Financial Crimes Enforcement Network, issued an order Friday granting an exemption from a requirement of the Customer Identification Program (CIP) Rule implementing Section 326 of the USA PATRIOT Act. The CIP Rule requires a bank or credit union to obtain taxpayer identification number (TIN) information from its customer before opening an account, and the exemption permits a bank or credit union to use an alternative collection method to obtain TIN information from a third-party rather than from the customer, the agencies stated in a joint release. The order applies to accounts at all entities supervised by the agencies. "Since the CIP Rule was issued initially in 2003, there has been a significant evolution in the ways consumers access financial services, along with a rise in reported customer reluctance to provide their full TIN due, in part, to...
Post a Comment
Read Complete Article HERE>»