ALEXANDRIA, Va. (5/25/12)--The latest National Credit Union Share Insurance Fund report, which was unveiled at Thursday's open board meeting, reflects the positive trends the credit union system is experiencing, the Credit Union National Association noted.
National Credit Union Administration (NCUA) Chief Financial Officer Mary Ann Woodson reported that the NCUSIF's equity ratio stood at 1.32% as of March 31, 2012. If the NCUSIF's equity ratio is above its normal operating level of 1.30% at year-end the excess must be transferred to the Temporary Corporate Credit Union Stabilization Fund to repay its borrowings. However, in response to a question from NCUA Board Member Gigi Hyland, Woodson said the agency anticipates the equity ratio will be 1.30% at the end of 2012.
The NCUA also reported that there were 396 CAMEL 4 and 5 credit unions, representing 2.98% of insured shares, or approximately $23.7 billion in assets, as of March 31. This is a decline from the 409 troubled credit unions that were reported as of December 31, 2011. CAMEL 4 and 5 credit unions held 3.31% of total insured shares at that time, totaling $26.3 billion in total assets, the NCUA said.
CAMEL 3 credit unions held 15.13% of insured shares as of March 31, and those shares represented $120.3 billion in funds.
Combined, insured shares in CAMEL 3, 4, and 5 credit unions represent approximately 18.1% of total insured shares, down from the 19.2% total reported at the end of 2011.
There have been 7 total credit union failures thus far in 2012, as compared to a total of 16 during 2011, the NCUA report said.
The Temporary Corporate Credit Union Stabilization Fund's total net position remained constant at negative $5.2 billion, and the fund recorded a net operating income of $20.8 million as of March 31, the agency said.
For more on the NCUA meeting, use the resource link.