CUNA has released an updated version of its share insurance fund distribution calculator tool, designed to help credit unions estimate the amount of their distribution from the $160 million announced by NCUA earlier this month. This will be the second distribution from NCUA; it issued one in the amount of $735.7 million last year, as a result of the closing of the Temporary Corporate Credit Union Stabilization Fund, which officially closed in Fall 2017.
The tool can be found at cuna.org/ecnomics, under the "Individual Credit Union Data and Statistics" tab.
A financial institution that filed a quarterly Call Report as a federally insured credit union for at least one reporting period in calendar year 2018 will be eligible for a pro rata distribution. Credit unions using CUNA’s calculator tool can enter their NCUA charter number to get the amount of their estimated equity distribution.
NCUA estimates the distributions will be paid to eligible credit unions starting in the second quarter of 2019.
CUNA was the only national credit union trade association to support NCUA closing the stabilization fund. It was merged with the National Credit Union Share Insurance Fund.
According to NCUA, based on the total insured shares reported in fourth quarter Call Reports, the equity ratio of the share insurance fund was 1.39%, necessitating a distribution of $160.1 million to reduce the ratio to the approved normal operating level of 1.38%.