ALEXANDRIA, Va. — The net income of the NCUSIF fell $21.6 million in October, as the woes of the economy took their toll on credit unions.According to data released at last week’s board meeting, so far this year the fund has paid out $176.5 million, which is exceeds the $163.9 million in reserves.As of Oct. 31, there were 246 credit unions with CAMEL code 4 or 5 ratings, but those credit unions represented 2.4% of all insured shares. By contrast, the last time there was a higher number of troubled credit unions-280 in 2005-those credit unions represented 1.1% of all insured shares.The fund’s equity ratio was 1.27%. 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. Congress requires the equity ratio to be 1.2%-1.5%.Through Oct. 31, there have been 15 credit union failures, compared with 12 for all of 2007.–[email protected]

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