California · Financial Code
FIN §14351: (a) The amount of the annual assessment on any credit union holding a certificate authorizing it to act as a credit union shall be the greater of (1) two thousand dollars ($2,000) or (2) the sum of th
What this law says, in plain English
Credit unions must pay an annual assessment of at least $2,000 or a calculated sum, whichever is greater.
Read the full statutory text
(a) The amount of the annual assessment on any credit union holding a certificate authorizing it to act as a credit union shall be the greater of (1) two thousand dollars ($2,000) or (2) the sum of the products determined by multiplying (A) increments of the credit union’s total assets by (B) percentages of the base assessment rate, according to the following table: Total Assets Percentage of Base Assessment Rate $0–$3,000,000 85.0% $3,000,000–$6,000,000 25.0% $6,000,000–$10,000,000 13.0% $10,000,000–$100,000,000 12.5% $100,000,000–$500,000,000 12.25% $500,000,000–$1,000,000,000 12.0% $1,000,000,000–$2,000,000,000 11.5% $2,000,000,000–$5,000,000,000 8.0% $5,000,000,000–$10,000,000,000 3.5% Excess over $10,000,000,000 3.0% (b) The base assessment rate for each annual assessment shall be fixed by the commissioner but shall not exceed two dollars and twenty cents ($2.20) per one thousand dollars ($1,000) of total assets.
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