NCUA announcement:
$736 Million Share Insurance Distribution Payments to Occur Week of July 23ALEXANDRIA, Va. (July 17, 2018) – Next week, the National Credit Union Administration will pay dividends for more than 5,700 institutions eligible for the $735.7 million Share Insurance distribution, the agency announced today. Statements will be mailed to dividend recipients this week, indicating the amounts they will receive. An institution that filed a quarterly Call Report as a federally insured credit union for at least one reporting period in calendar year 2017 will be eligible for a pro rata distribution. The NCUA Board approved a final rule at its February 2018 meeting that details eligibility criteria. “The NCUA’s prudent management of the corporate resolution process provided the ability to close the Stabilization Fund four years early,” NCUA Board Chairman J. Mark McWatters said. “Through a collaborative, bipartisan process among the Board members and a great deal of diligent work by staff, the NCUA has been able to avoid a premium assessment and safely distribute funds to credit unions that can be put to work building local communities, creating new businesses, and improving the lives of members across the country while advancing the objectives of protecting member deposits and maintaining a safe and sound credit union system.” “As we have noted before, this is the largest Share Insurance distribution in this agency’s history,” Board Member Rick Metsger said, “larger, even, than the cumulative amount of all previous cash distributions since the Share Insurance Fund was capitalized. This is a significant benefit to credit unions and will support a lot of provident and productive purposes.” |