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News Now

Washington
CUNA backs NCUSIF reserve level review
ALEXANDRIA, Va. (6/20/11)—The Credit Union National Association (CUNA) has commended National Credit Union Administration (NCUA) board member Gigi Hyland’s suggestion that the agency consider lowering the reserve levels of its National Credit Union Share Insurance Fund. CUNA suggested that any money that is no longer needed for NCUSIF reserve purposes should be transferred to the agency’s Temporary Corporate Credit Union Stabilization Fund. Doing so would reduce corporate assessments that are charged to credit unions, CUNA added. Hyland raised the issue during Friday’s NCUA June open board meeting. The NCUSIF reserves currently stand at $1.2 billion. The NCUA’s Office of Examination and Insurance is currently analyzing the NCUSIF’s reserve levels, and that will complete that analysis by the end of June. The monthly insurance fund report, which was released during Friday’s meeting, noted that the TCCUSF brought in $7.5 million in earned revenues and $447,850 in operating expenses during May, resulting in a surplus of more than $7 million. CAMEL Code credit unions accounted for 22% of total insured shares during May, and the NCUA reported that there were 377 CAMEL 4 and 5 credit unions and 1,791 CAMEL 3 credit unions. CAMEL 4 and 5 credit unions held $36 billion in shares and CAMEL 3 credit unions held $130 billion in shares during that month. For more on the NCUA board meeting, use the resource link.


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