Federal credit union operating fees will decrease by an average of 23.7% in 2022, according to a Letter to Federal Credit Unions (22-FCU-01) from NCUA adjusting the operating fee schedule for 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 an increase to the share of the Operating Budget funded from the Share Insurance Fund through the Overhead Transfer Rate (OTR) methodology.
The letter also provides additional insight to the operating fee calculation and payment options. Credit unions owing an operating fee must send them no later than April 15.
Credit Union Magazine’s Summer 2023 issue highlights the lending outlook for the rest of the year, how credit unions leverage fintech companies to boost digital lending, the power of lending partnerships, common Bank Secrecy Act violations, and the shift board members must make when becoming chair.
