April 16, 2014

NCUSIF at 1.3%, ups reserves $20.4 million

April 17, 2014 – The National Credit Union Share Insurance Fund closed February with an equity ratio of 1.3 percent of insured shares and added $20.4 million to its loss reserves, which totaled $241.1 million, according to preliminary data.

Of total loss reserves, $32.9 million is designated for specific credit union losses. (That allocation is up from January's $12.5 million.) The remaining amount is general reserves for potential credit union losses.

The preliminary NCUSIF financial statement for February shows the fund had a net loss of $17.3 million. The report also shows the fund with $16.1 million in gross revenues and $13 million in operating expenses in February.

NAFCU, which has submitted Freedom of Information Act requests to NCUA on the four major funds it manages, is continuing to press for details on the NCUSIF's operating expenses.