Newsroom
NCUA Board briefed on Q3 SIF report
The NCUA held its November board meeting yesterday where members were briefed on the Share Insurance Fund (SIF) Quarterly Report for the third quarter. The SIF had a total income of $73.7 million with a net income of $26.2 million, representing an increase of $5.2 million in net income from the second quarter. The NCUA increased the SIF’s insurance loss reserves from $169.1 million at the end of the second quarter to $183.2 million as of September 30.
NAFCU Chief Economist and Vice President of Research Curt Long, in response to the agency’s 2023-2024 proposed budget, has reiterated the need to preserve the strength of the SIF without overburdening credit unions with excessive operating fees.
In addition to ensuring the fund's strength, NAFCU has advocated for the agency to return excess cash from the Operating Fund to credit unions and has opposed any premium assessments resulting from share growth, rather than weakness in the SIF.