Fewer losses, portfolio growth and a decline in at-risk credit unions helped the NCUA beat budgeted expectations for the NCUSIF in 2011, the agency’s board reported Thursday.
According to a report from the meeting, the fund ended last year with $627 million when it had budgeted expected losses of $559 million. That allowed a transfer of $278.6 million from the NCUSIF to the Temporary Corporate Credit Union Stabilization Fund, the agency said.
The board also learned Thursday that credit union failures dropped by more than 40% to 16 failures from 28 failures in the past year, and that the total amount of losses associated with credit union failures dropped 75% to $55 million from $221 million.
Also Thursday, the board voted unanimously to approve amendments to existing NCUA regulations which would largely change designations for which offices did what and clarify responsibilities belonging to different parts of the agency.
The board also approved an NCUA Diversity and Inclusion Plan which was mandated by the Dodd-Frank Act.