Charges related to the corporate credit union bailout helped wipe out almost $6 billion of credit union capital in March, according to a monthly survey by the Credit Union National Association.
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Total credit union capital shrank from $88.9 billion at Feb. 28 to $83.1 billion at March 31, the trade group's survey of 500 credit unions indicated. Expressed as a ratio, capital fell from 10.3% to a 15-year low of 9.6%.
The National Credit Union Administration has said bailout charges would push more than two-thirds of the nation's 7,800 credit unions into the red this year and cause 225 to become undercapitalized by regulatory standards.
