Help on NCUA Prepaid Assessment Decision Posted by AVCU on 3:36 PM

The deadline for credit unions to submit a completed program agreement for NCUA’s corporate assessment prepayment plan is July 29th.  To help you understand what's involved and make your credit union's participation decision CUNA has released a comprehensive white paper. It points out that although the prepayment plan's financial benefits may not be broadly felt, it could prove vital for some credit unions. Interested credit unions must pledge a minimum of $1,000, or 5 basis points of March 31, 2011 insured shares, whichever is greater. The maximum that can be contributed is 48 bp of shares. NCUA is limiting the program to $500 million and won't move forward if less is pledged by credit unions. Pledges will be tallied on August 9th and pledged amounts will be debited from credit union accounts on August 18th. The white paper can be downloaded from the secure member area of CUNA's website.