ALEXANDRIA, Va. – Despite the market's volatility and three credit union failures last month, the NCUSIF's equity ratio stayed at 1.28%, NCUA Chief Financial Officer Mary Ann Woodson told the NCUA Board today.
The fund had $12 billion in assets at the end of February. At that time, 2.86% of all deposits were at credit unions with CAMEL 4 or 5 ratings, compared with 2.67% at the end of February 2008.
The board also gave initial approval to rules on overdraft protection to align with rules issued by the Federal Reserve. The rules require credit unions to include monthly and year to date charges for overdrafts and returned checks.
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The board also issued rules that will govern its previously approved program to have credit unions file call reports electronically. The program takes effect with the 5300 Call Reports due to be filed on September 30. There is a 60-day comment.
The board also gave final approval to a rules change allowing federal credit unions eligible for the Regulatory Flexibility Program to have six years to occupy undeveloped property that they buy. Currently it has three years to occupy such a property.
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