ALEXANDRIA, Va. (2/16/16)--The 2016 National Credit Union National Administration (NCUA) operating fee schedule was sent to federal credit unions last week, including an enclosed chart to help each credit union calculate the exact dollar amount of its operating fee. The NCUA has also provided an estimated operating fee calculator for 2016.
The NCUA board voted at its November 2015 meeting to reduce the operating fee scale by 0.47% for federal credit unions with more than $1 million in assets. The board also voted to extend the operating fee exemption for credit unions with assets of less than $1 million for the fourth consecutive year.
Federal credit unions with assets greater than $1 million will receive an invoice for the 2016 operating fee in March.
At the same time, all federally insured credit unions will receive notice of any amount needed to adjust their share insurance fund capitalization deposit to 1% of insured shares, as required by the Federal Credit Union Act.
According to the NCUA, the two major factors influencing the change in the 2016 operating fee are the overhead transfer rate (OTR) and the growth of federal credit union assets. The OTR is used to determine how much of the agency’s operating budget is funded directly from the National Credit Union Share Insurance Fund.
For 2016, the OTR increased to 73.14% from 71.8%. The primary driver of the OTR increase was the growing percentage of insured shares held by state-chartered credit unions.