Matz to Seek Comments on Overhead Transfer Rate, Operating Fee Methodologies
ALEXANDRIA, Va. (Aug. 31, 2015) – The National Credit Union Administration will formally invite credit union stakeholders and the public to comment on the methodologies for calculating both the overhead transfer rate and the federal credit union operating fee, NCUA Board Chairman Debbie Matz announced today.
Matz said she intends to call for an NCUA Board vote in January 2016 to publish both methodologies as public notices in the Federal Register.
“While these methodologies do not require notice and comment procedures, the Federal Register notices would provide additional measures of transparency by making the process behind the agency’s two primary funding mechanisms more formally available for public comment,” Matz said. “As always, NCUA will review all comments thoroughly and consider them carefully.”
The process typically takes six to nine months, including at least a 30-day comment period, consideration of the comments and staff recommendations for NCUA Board review and action.
“Publishing these notices in January 2016 would provide ample time for interested parties to share their views before the NCUA Board considers a 2017 budget at an open meeting in November 2016,” Matz said. “We also plan to publish a Federal Register notice in January 2016 with a multi-year draft NCUA Strategic Plan, which will drive the agency’s budget process over several years.”
NCUA will also invite credit union stakeholders and the public to comment on the draft NCUA Strategic Plan.
Methodologies and other information about the overhead transfer rate and operating fee are already available to the public on the budget resource center of NCUA’s website.
NCUA is the independent federal agency created by the U.S. Congress to regulate, charter and supervise federal credit unions. With the backing of the full faith and credit of the United States, NCUA operates and manages the National Credit Union Share
Insurance Fund, insuring the deposits of account holders in all federal credit unions and the overwhelming majority of
state-chartered credit unions. At MyCreditUnion.gov, NCUA also educates the public on consumer protection and financial literacy issues.
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