League Urges NCUA to Return NOL to 1.3%
Your League urged NCUA this week to return the National Credit Union Share Insurance Fund's (NCUSIF) normal operating level (NOL) to the more normalized 1.3% or lower.
"We believe changes are warranted given the current economic landscape and pending resolution of the obligations associated with the corporate credit union asset management estates and NCUA Guaranteed Notes (NGN) Program," the letter reads.
"The industry is well capitalized and the NCUSIF meets all statutory solvency requirements. Therefore, the NOL should not be any higher than it absolutely needs to be. Virginia credit unions support a strong fund but believe that the fund need only reflect true risk in the system; as much money as possible should be in the hands of credit unions to deploy to their members."
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