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NCUSIF at 1.25%; charter expansion OK’d
NCUSIF at 1.25%; charter expansion OK’d
Thursday's report showed the NCUSIF way above projection on net income.
Aug. 1, 2014 – The National Credit Union Share Insurance Fund closed the second quarter of this year with an equity ratio of 1.25 percent and year-to-date net income of $52.8 million, according to preliminary data.
The NCUA data, presented by agency Chief Financial Officer Mary Ann Woodson, shows the fund equity ratio rising to 1.29 percent after the 1 percent capitalization deposit adjustment due to be billed in September. The mid-year equity ratio was calculated based on an estimated insured-share base of $903 billion.
Woodson said two insured credit unions failed during the second quarter, for a total of eight failures during the first half of the year. These failures cost the NCUSIF $28 million. Last year’s 17 failures cost the fund $66.8 million.
There were 295 insured credit unions with CAMEL codes of 4 or 5 as of June 30, down from 306 as of this March. Three of these have assets exceeding $1 billion, unchanged from the first quarter. Code 4 and 5 credit unions hold 1.46 percent, or an aggregate $13.2 billion, of total insured shares.
NCUA reduced the fund’s reserve balance in June from $227.5 million to $176.1 million. Of that total, just $8 million is designated to specific cases.
Also on Thursday, the board approved a community charter expansion request by Call Federal Credit Union of Richmond, Va. The approved field of membership totals nearly 1.3 million. The credit union had $369.3 million in assets and 28,437 members as of its March call report, staff said.
NCUA: No future corporate stabilization assessments expected
CFPB notes continued look at overdraft