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.
Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.
Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Critical CUTimes.com information including comprehensive product and service provider listings via the Marketplace Directory, CU Careers, resources from industry leaders, webcasts, and breaking news, analysis and more with our informative Newsletters.
- Exclusive discounts on ALM and CU Times events.
- Access to other award-winning ALM websites including Law.com and GlobeSt.com.
Already have an account? Sign In
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
