ALEXANDRIA, Va. (12/17/10)—The level of shares represented by low-ranked CAMEL 4 and 5 credit unions has declined significantly since its peak in May when those institutions held 6.2% of total shares. The monthly National Credit Union Share Insurance Fund (NCUSIF) report for November showed that while, at 372, there are 21 more CAMEL 4 and 5 credit unions than in May, they represent 5.1% of total shares. The NCUSIF report, made public at the National Credit Union Administration open board meeting yesterday, also showed no share insurance losses the month. In addition, the NCUSIF maintained the equity ratio of 1.29% from the previous month. NCUA staff also noted that there are currently 1,792 CAMEL 3 credit unions, which represent 18.6% of insured shares. Combined, insured shares in CAMEL 3, 4, and 5 credit unions represent 23.7% of insured shares. The NCUA during the meeting also made some insurance-related changes, proposing that the agency temporarily provide full NCUSIF coverage for non-interest-bearing transaction accounts held by members or depositors. The insurance coverage will be separate from, and in addition to, other coverage provided by the NCUA’s existing share insurance rules, the agency said. The Dodd-Frank Act, which was enacted earlier this year, included a provision that provides temporary unlimited Federal Deposit Insurance Corporation (FDIC) and NCUSIF insurance coverage for non-interest and non-dividend bearing transaction accounts. This special insurance came into effect on July 21, and runs through December 31, 2012. The NCUA proposal would require credit unions that offer these non-interest/non-dividend transaction accounts to disclose the temporary insurance coverage to their members. However, these disclosures would not be required until later in 2011. The NCUA also moved to add Chief Economist John Worth to their NCUSIF Investment Committee. Worth joins Office of Examination and Insurance Director Melinda Love, Chief Financial Officer Mary Ann Woodson, and Office of Capital Markets Director Owen Cole on the committee.