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ALEXANDRIA, Va. — The increased revenues from premiums and recapitalization is offsetting some of the losses to the NCUSIF, and the fund’s net income was $150 million last month, NCUA staff reported to the board last Thursday.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.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 Jan. 31, compared with $8.2 billion at the end of December.On Jan. 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%.NCUA Chief Financial Officer Mary Ann Woodson said that at the end of January 2.67% of all insured deposits were in troubled credit unions (CAMEL 4 or 5). Last year, the figure was also 2.67% and in 2007 it was 1.04%.The NCUSIF paid out $1 million as a result of two credit union failures last month.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.NCUA lawyer Brad Anderson said the change would enable a credit union with $100 million in assets that makes a $20 million investment in the corporates through one of these programs to save $4,751. He added that would take effect for fees assessed in 2010.Board Member Gigi Hyland said it is a “great idea,” and NCUA Vice Chairman Rodney Hood said, “It’s the right thing to do for credit unions during these extraordinary times.”The rule will be subject to a 60-day comment period.The board also approved a rule to require credit unions that accept deposits for federally insured and nonfederally insured credit unions through shared branching 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.Currently, credit unions accepting deposits for other credit unions must post a sign listing all credit unions that are part of its shared branching arrangement and whether each credit union is federally insured.–[email protected]

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