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]
Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.
Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Critical CUTimes.com information including comprehensive product and service provider listings via the Marketplace Directory, CU Careers, resources from industry leaders, webcasts, and breaking news, analysis and more with our informative Newsletters.
- Exclusive discounts on ALM and CU Times events.
- Access to other award-winning ALM websites including Law.com and GlobeSt.com.
Already have an account? Sign In
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
