All Hands on Deck to Shore Up NCUSIF
Credit unions are bracing to dig even deeper into their pockets.
An increase in CAMEL 3, 4 and 5 credit unions and more credit union closings are causing strains on the NCUSIF.
Some medium- to large-size credit unions that have experienced financial trouble. The NCUA recently placed the $800 million Arrowhead Credit Union into conservatorship, liquidated the $200 million St. Paul Croatian FCU, liquidated the $139 million Southwest Community FCU and placed the $139.5 million Family First FCU into conservatorship.
NAFCU Chief Economist Tun Wai said his group isn't making its own prediction but is urging his members to follow the projections of the NCUA and take the advice offered by NCUA Board Member Michael Fryzel, which is to plan for an assessment on the higher side of the 15-40 basis points range.