Credit Union Failures Cost $66.8 Million in 2013
Credit union failures in 2013 cost the National Credit Union Share Insurance Fund $66.8 million, according to the NCUA’s annual report.
“The members of the 17 credit unions that failed and the one that voluntarily liquidated in 2013 suffered no losses on their insured deposits. All verified shares were paid out within five days of a credit union’s closure,” the newly released 2013 report said.
Four of the credit unions that failed went through assisted mergers.
“Of the 2013 failures, the NCUA’s Asset Management and Assistance Center kept $107 million in assets to manage, as compared to keeping $408 million the prior year. Concurrently, the Asset Management and Assistance Center managed a greater amount of complex assets, primarily loans,” the report said.
“Gross assets managed were $993 million at the end of 2013, down from $1.1 billion at the end of 2012,” it said.
The NCUA’s Asset Management and Assistance Center, located in Austin, Texas, has been under the leadership of President Mike Barton since 1999. The center conducts liquidations and executes management and recovery of assets. Barton also serves as an adviser to the NCUA board on AMAC matters.