ALEXANDRIA, Va. — Almost 20% of insured shares continued to be in credit unions with a rating of CAMEL 3 or higher at the end of last month and the NCUSIF's equity ratio remained at 1.24%, NCUA Chief Financial Officer Mary Ann Woodson told the NCUA Board at today's meeting.
She said that 13.6% of insured shares were in CAMEL 3 credit unions and there were 1,665 credit unions with that designation. At the end of 2009, there were 1,668 CAMEL 3 credit unions and they also represented 13.6% of all insured shares.
At the end of January, 5.82% of insured shares were in CAMEL 4 and 5 credit unions, the same as at the end of 2009. There were 357 such institutions at the end of January, compared with 351 at the end of 2009 and 271 in January 2009.
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There were two failures of federally insured credit unions in January, with a cost to the NCUSIF of $5.7 million.
Woodson told the board that the NCUSIF's net income increased $11.9 million in January. However, because 2010 is expected to be a difficult year for credit unions, the agency is setting aside more money-$750 million, compared with $625 million spent in 2009-to pay for losses at natural person credit unions. Therefore, the agency projects that the fund's income could decline by $652.8 million this year.
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