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News Now

Washington
NCUA cites improvement back to quarterly insurance reports
ALEXANDRIA, Va. (12/16/11)--Noting that the credit union system appears to be returning to a more steady state, the National Credit Union Administration (NCUA) on Thursday said it would scale back its monthly reporting on the status of the National Credit Union Share Insurance Fund (NCUSIF) and  the Temporary Corporate Credit Union Stabilization Fund (TCCUSF) to a quarterly basis.

Until October 2008, the NCUA chief financial officer (CFO) traditionally made a public accounting of NCUSIF before the NCUA board on a quarterly basis. At that time, then-Chairman Michael Fryzel asked NCUA CFO Mary Ann Woodson to prepare a monthly until the end of the year, but that practice continued to the most recent meeting. Fryzel also requested at that time that the report include an additional slide, one which would provide clearer information regarding insurance loss expense.

In this month's insurance fund report, Woodson said credit unions with CAMEL Code ratings of 1 or 2 held 82.7% of total credit union assets for the second straight month, and asset distributions in CAMEL Code 3, 4 and 5 credit unions again held steady in November. Approximately 17.3% of all cu assets were in CAMEL code 3, 4 or 5 credit unions, Woodson said. There are currently 399 CAMEL 4 and 5 credit unions and 1,735 CAMEL 3 credit unions, the NCUA reported.

The NCUSIF ended November with a 1.32% equity ratio and a reserve balance of $871.6 million, and the TCCUSF held $5.9 billion in liabilities as of Nov. 31, the report said.

The agency did not write-off any insurance loss expense and reported net income of $7.3 million for the month. For more on the NCUA's December board meeting, use the resource link.
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