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News Now

Washington
Quarterly Insurance Report Is Lone NCUA Agenda Item
ALEXANDRIA, Va. (4/12/13)--A quarterly insurance fund report will be the lone item on the agenda when the National Credit Union Administration board meets on Thursday, April 18.

"It is always a good development when credit unions don't need to worry another new rule or proposal will be issued," Credit Union National Association Deputy General Counsel Mary Dunn said of the abgreviated agenda.

The agency has not scheduled a closed board meeting at this time.

The previous quarterly report, released at the February open board meeting, showed that the number of federal credit unions with CAMEL codes 3, 4 and 5 dropped significantly during 2012.

The agency also reported the National Credit Union Share Insurance Fund NCUSIF ended 2012 with a 1.30% equity ratio, after transferring $88 million in "excess equity" to the Temporary Corporate Stabilization Fund (TCCUSF). The NCUA said it calculated the ratio on an insured share base of $839.4 billion, compared to $795.3 billion at the end of 2011, indicating growth of 5.5%.

The last quaterly report also showed good 2012 results for the TCCUSF. Based on "preliminary and unaudited" information, for 2012 the total net position of the fund improved nearly $1.8 billion.

For the full agenda, use the resource link.


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