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SIF at 'Uncomfortable Levels' as NCUA Expects Nearly $29 Million in Excess Funds

Board members approve some excess money to fund seven new full-time positions.

NCUA Board members during the virtual meeting on Sept. 23, 2021. NCUA board members during the virtual meeting on Sept. 23, 2021.

After taking a month off, the NCUA board met for the ninth time this year on Thursday. Board members tackled a number of issues, which included taking a close look at the health of the Share Insurance Fund and voting to approve millions in surplus money for “agency needs.”

According to a presentation from NCUA CFO Eugene Schied, as of June 30, the SIF’s equity ratio was 1.23%, which is below the board-approved normal operating level of 1.38%. Schied reported a net income of $46.3 million and $19.8 billion in assets for the second quarter of this year. The SIF also reported $60 million in total income for the second quarter of 2021, according to Schied’s numbers.

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Michael Ogden

Michael Ogden

Editor-in-Chief for CU Times. To connect, email at [email protected].

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