ALEXANDRIA, Va. — The increased revenues from premiums and recapitalization are offsetting some of the losses to the NCUSIF and the fund's net income was $150 million last month, the NCUA board was told today.
That's an increase from $9 million in December.
The largest losses were the $1 billion spent to infuse capital into U.S. Central and the $3.7 billion set aside to guarantee credit union deposits in corporate credit unions.
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Last month, the board voted to levy a premium to pay for the costs of dealing with the problems of the corporate credit unions but it is also seeking input on alternative funding sources.
The fund had $12 billion in assets as of January 31, compared with $8.2 billion at the end of December.
On January 31, the fund's equity ratio was 1.28%. Congress requires the equity ratio to be 1.2%-1.5%. The NCUA must levy a premium if the ratio drops to 1.2%.
The board approved a proposed rule that would exempt loans natural person credit unions take from the CLF to participate in CU SIP and CU HARP from being counted as part of their assets when the NCUA calculates the credit union's operating fee payment.
The board also approved a rule to require credit unions that accept deposits for federally insured and non-federally insured credit unions to post a sign stating that not all credit unions whose deposits are being accepted are federally insured. The sign also directs members to their credit unions for additional information.
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