ALEXANDRIA, Va. -- The NCUA Board received the quarterly insurance fund report today from the new Chief Financial Officer Mary Ann Woodson, who revealed that the NCUSIF will not be refunding any funds to federally insured credit unions for 2007.
The agency reported $128.9 million in insurance losses for December and $186 million for all of 2007; the fund has taken a hit from the few bad actors in the subprime mortgage market.
NAFCU Chief Economist Tun Wai explained, "NCUA is putting money in reserve for certain problem cases." Although there were only 12 failures in the last year, the NCUSIF is allocating $215 million in its reserve account.
The board also unanimously approved a final rule regarding debt collection procedures for debts owed to the U.S. by present and former NCUA employees.
