ALEXANDRIA, Va. -- NCUA CFO Mary Ann Woodson told the board today that as a result of the sluggish economy, 5.58% of all insured shares are in credit unions with CAMEL 4 or 5 ratings and there are 337 credit unions with such ratings.
By contrast, at the end of December 2008 there were 271 credit unions with those ratings.
In addition, there are 1,637 credit unions with CAMEL 3 ratings, compared with 1,540 at the end of last December.
There have been 22 credit union failures during the first 10 months of 2009, compared with 18 for all of last year.
The NCUSIF had a reserve balance of $672.8 million at the end of October and $19 billion in assets. Its equity ratio was 1.28%, down from 1.3% at the end of September.
The Temporary Corporate Stabilization Fund, which Congress created in July at the request of the NCUA and the credit union trade associations following the agency's placing U.S. Central and Western Corporate Federal Credit Unions into conservatorship, has $1.3 billion in assets and $6.36 billion in estimated liabilities. This includes a $1 billion capital note for U.S. Central, as a result of the money the agency injected into the troubled corporate earlier this year, and the rest is made up of $5.33 billion set aside for corporate credit union losses, a $1.3 million interest payment owed the U.S. Treasury, and $30 million in deferred revenue.
Congress allowed the fund to operate with a deficit to give the agency the flexibility to respond to problems of corporate credit unions.
