The NCUSIF’s reserve balance was $5.3 billion last month and the fund lost $2.5 million in income, NCUA Chief Financial Officer Mary Ann Woodson told the board today.
The reserve balance was $5.2 billion at the end of March.
The fund had $23.5 billion in assets at the end of April, compared with $23.4 billion at the end of March and $7.6 billion in April 2008. The increase was caused by such factors as increased payments from credit unions for the cost of insurance and an increase in the amount recovered from liquidated credit unions.
The NCUSIF’s equity ratio was unchanged at 1.3%.
The board also approved rules that clarify what information credit unions must disclose to credit reporting agencies and gave consumers the right to challenge an item on the report directly with a creditor rather than having to go through the credit reporting agency.
The board also sent out for a 60-day comment period a proposed rule that would require a credit card issuer such as a credit union to include the date when an account was opened as part of the information it provides to credit reporting agencies for use in determining a consumer’s credit score.
The board approved a rules change allowing credit unions to exclude assets they have invested in the Credit Union System Investment Program when calculating their assets for purposes of determining the amount of the fidelity bond coverage.