ALEXANDRIA, Va. — NCUA's Annual Report outlined the agency's many achievements for 2006, from the financial health of the agency and insurance fund to its Member Service Assessment Pilot to regulatory changes.
NCUA had total revenue of $66 million with $63.6 million of that coming from operating fees paid by federal credit unions. The agency budgeted for $150.8 million in expenses but only spent $141.4 million, of which $80.6 million came from the share insurance fund as the Overhead Transfer Rate.
The NCUSIF earned $266.2 million in revenue with $82.1 million in operating expense and just $2.5 million in insurance expense. Reserves were at $70.2 million with an equity ratio of 1.30%.
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Federally insured credit unions ended the year at 8,362 with a total of $709.9 billion in assets, $534.2 billion in insured shares and $494.3 billion in loans; the loan to share ratio was 82.23%. Their capital position was strong and delinquencies low.
NCUA sifted through 14 million member records to come up with its Member Service Assessment Pilot in response to a congressional request, the Message from the Chairman read. From that, the agency's Outreach Task Force was formed to advise the board on the suggestions from the MSAP.
On the regulatory front, Chairman JoAnn Johnson also pointed out that the board has updated the deposit insurance fund coverage in line with new federal law, enhanced transparency in credit union conversions to mutual savings banks, lowered the OTR while keeping the operating budget increase minimal, expanded federal credit unions' ability to offer potential members wire transfers and check cashing services as well as extending loan maturities, and expanding RegFlex eligibility.
Looking ahead, Johnson wrote, "The NCUA Board's foremost priority is ensuring the safety and soundness of federally insured credit unions, and it is committed to providing a regulatory regime that allows federally insured credit unions to meet the needs of their members through innovation and flexibility."
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