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Assets in CAMEL 45s a growing concern
ALEXANDRIA, Va. (6/19/09)--There are currently 301 CAMEL 4 and 5 credit unions, which represents an increase of approximately 19% compared to May 2008, according to the National Credit Union Administration’s (NCUA’s) monthly insurance fund report. CAMEL 4 and 5 credit union shares currently represent 3.99% of total
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shares insured by the National Credit Union Share Insurance Fund (NCUSIF), an increase from 1.31% for May 2008. NCUA CFO Mary Ann Woodson reported the numbers at the NCUA open meeting Thursday as part of her regular monthly report to the board. Board member Gigi Hyland and Vice Chairman Rodney Hood both voiced concern about possible implications to the insurance fund if the trend were to continue. “Is there a point in time when we start to worry and take certain actions,” Hyland said, adding that staff should begin assessing how the agency should measure that. The NCUSIF’s equity level was at 1.30% as of May 31 and is expected to remain at that level through the rest of the year, according to agency staff. Although the NCUA documents show the NCUSIF ratio continuing at 1.30% for the rest of the year, Woodson said that it will really be closer to 1.20%. She added that that she will revise the numbers now that the board had taken action to implement the Corporate Stabilization Plan. The May numbers show the NCUSIF had budgeted $20 million for natural-person credit union insurance losses in May, although such losses were limited to $10 million for the month. Total year-to-date losses from natural person credit unions is now at $176.5 million, and losses stemming from corporate credit unions remains unchanged at $4.977 billion for the year. Use the resource link below to access the NCUSIF monthly report.
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