Federal credit union operating fees will increase by an average of 16.36% in 2024, according to the NCUA’s latest Letter to Federal Credit Unions (24-FCU-01).
The operating fee exemption threshold was increased from $1 million to $2 million and federal credit unions with a four-quarter average of $2 million or less in total assets are exempt from the operating fee.
“The increase in the 2024 operating fee results from budgetary growth at the NCUA and the lack of a 2024 operating fee credit for unspent fees collected in past years,” wrote NCUA Chairman Todd Harper. “The 2024 operating fee is based on the NCUA’s operating and capital budgets, which grew approximately 7% combined, between 2023 and 2024.”
The letter also includes a link to the NCUA’s online calculator and addresses relevant questions.
The agency will provide individual invoices with specific dollar amounts to credit unions in March. Operating fees are due no later than April 18.
CUNA and NAFCU advocated for a higher exemption threshold before the organizations merged, and America’s Credit Unions will continue to work to ensure the NCUA provides maximum transparency regarding the operating fee schedule methodology.
