WASHINGTON — The NCUSIF has $7.6 billion in assets and a strong equity ratio, but has taken steps to ensure funds are available to help the increased number of credit unions having financial trouble, NCUA Chief Financial Officer Mary Ann Woodson told the board Thursday.
The agency has $334 million in its reserve accounts to pay out claims in the case of credit union failure. It added $109 million more for those purposes in the first part of the year than was originally projected because of the economic slowdown.
The fund's equity ratio in June was 1.24%, the lowest level this year but still within the 1.2% to 1.5% that is required by Congress. The agency projects it will end the year with an equity ratio of 1.28%, compared with $1.29% at the end of last year.
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