NCUSIF still at 1.3%; CU charter change OK

April 25, 2014 – The National Credit Union Share Insurance Fund’s equity ratio remained at 1.3 percent of insured shares as of March 31 and saw insurance loss expense decrease by $10.1 million, staff reported during Thursday’s open NCUA Board meeting.

Mary Ann Woodson, NCUA’s chief financial officer, also reported total reserves for losses at $227.5 million as of March 31. That is down from $241.1 million in February but still up from $220.7 million as of last year-end.

Of total loss reserves, Woodson reported, about $19.3 million was allocated to specific cases.

Woodson reported a total of 306 credit unions with CAMEL codes of 4 or 5 as of March 31; these institutions hold 1.37 percent of total insured shares, down from 1.4 percent Dec. 31. There were six credit union failures during the first quarter of 2014; these cost the NCUSIF a total of $18.2 million. Last year, a total of 17 failures cost the fund $66.8 million.

Thursday’s board meeting also included issuance of a proposed rule on associational common-bond groups, a final rule on capital planning and stress testing and action on a request by CME FCU in Columbus, Ohio, for a community charter expansion. The board approved the request.

 

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