Credit unions with over $50 million in assets will soon receive an invoice for their semi-annual National Credit Union Share Insurance Fund (NCUSIF) one percent capitalization deposit adjustment (based on June 30, 2020 call report data). Payment is due by October 16, 2020.
Credit unions set up with Pay.gov will have their accounts debited for the invoiced amount on October 16, 2020. Credit unions due a capitalization deposit refund will receive their refund by ACH on October 12, 2020.
Credit unions should contact their accounting practitioner with questions related to accounting for the deposit adjustment.
Questions should be directed to firstname.lastname@example.org along with the credit union name and charter number.