NCUSIF Reports No Losses During January

Register now

ALEXANDRIA, Va. — NCUA reported that during January it did not write off any of the National Credit Union Share Insurance Fund's (NCUSIF) assets as insurance loss expense. NCUA had budgeted for as much as $54.2 million in insurance fund losses during the month.

Instead, the agency said that overall the NCUSIF gained $11.4 million during the month due to $19.4 million in investment income. The NCUSIF was budgeted to lose $46.7 million during January, but only lost $8 million in operating expenses during that same time, it reported.

On Jan. 31 the NCUSIF equity ratio stood at 1.28%, with reserves at $1.2 billion. Of the latter, $181.4 million were allocated for expected losses related to specific, troubled natural-person credit unions, NCUA said.

According to NCUA, at the end of January there were 369 CAMEL 4 and 5 credit unions, representing 5% of insured shares, or $38.2 billion. NCUA has identified 1,819 CUs as CAMEL 3, which represent 17.8% of insured shares, or $136.5 billion.

In addition, NCUA said the Temporary Corporate Credit Union Stabilization Fund (TCCUSF) total liabilities and net position stood at $377.1 million as of Jan. 31.

For reprint and licensing requests for this article, click here.
MORE FROM AMERICAN BANKER