Newsroom
August 24, 2014
NCUSIF at 1.25%; charter expansion OK'd
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.
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.
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