It’s no secret that federally chartered credit unions are assessed fees for the privilege of being regulated by the National Credit Union Administration (NCUA). However, many credit unions risk taking on an additional financial burden when calculating operating fees due to the Paycheck Protection Program (PPP) loans. To better protect Ohio credit unions who helped member business with a PPP loan, the League encouraged the NCUA to exclude PPP loans from a federally chartered credit union’s total assets when calculating operating fees. Additionally, the League supported a change to the operating fee calculation by utilizing a four-quarter average of reported assets to address seasonality and provide greater certainty.
Please find the League’s comment letter here, and contact League Regulatory Counsel Chris Noble, Esq. at firstname.lastname@example.org if you have questions or concerns about the NCUA’s proposed rule regarding federal credit union fees.