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NAFCU's SIF Committee reviews recent quarterly report, outlook
NAFCU has been leading efforts to push back against the NCUA's efforts to potentially charge credit unions a National Credit Union Share Insurance Fund (NCUSIF) premium this year and has instead called for additional investment authorities. NAFCU's Share Insurance Fund (SIF) Committee met Wednesday to discuss recent updates from the NCUA on the fund.
According to the agency's quarterly NCUSIF report, reported the equity ratio is 1.23 percent and is projected to be 1.28 percent as of Dec. 31. Currently, a restoration plan is not statutorily required at this time given the actual or projected equity ratio is above 1.2 percent.
In addition, the group discussed NAFCU's recent advocacy on this issue. NAFCU's latest Economic & CU Monitor dives into the NCUA’s quarterly report providing reassurance that the fund’s finances remain on solid ground. Specifically, the feature article touches on the decline of the SIF’s equity ratio post COVID.
NAFCU will continue to advocate for a strong NCUSIF that is proactively managed with a goal of identifying and quantifying salient risks, which must be balanced with the understanding that credit union resources are scarce.