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News Now

Washington
NCUA report shows CU system improvement
ALEXANDRIA, Va. (3/16/12)--The latest report on the financial status of the credit union system, which was released at Thursday's National Credit Union Administration (NCUA) open board meeting, reflects the positive trends the credit union system is experiencing, with the agency reporting a National Credit Union Share Insurance Fund (NCUSIF) equity ratio of 1.30% as of Dec. 31.

NCUA Chief Financial Officer Mary Ann Woodson reported that as of year-end 2011, there were 409 low-rated CAMEL 4 and 5 credit unions, representing 3.31% of total insured shares and accounting for approximately $26.3 billion of total credit union system member shares. There were 1,741 CAMEL 3 credit unions, representing 15.9% of insured shares, or $126.5 billion, the NCUA added. In total, the amount of insured shares held in CAMEL Code 3, 4, and 5 credit unions decreased by 4.2 percentage points from 2010's end-of-year total of 23.5%.

There were 16 credit union failures in 2011, down from 28 in 2010, the NCUA report added.

NCUA Chairman Debbie Matz highlighted a decrease in the NCUSIF's reserves, which fell to $606.6 million, well down from the $1.2 billion total set aside at the beginning of 2011. The reduction was almost entirely due to a decrease in future expected failure costs rather than from actual losses due to resolutions of failed credit unions, and Matz said the agency would use the year-end reallocation from the NCUSIF to lower corporate stabilization fund assessments.

For more on the NCUA board meeting, use the resource link.
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