Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

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.


RSS print
News Now LiveWire
.@FinancialCmte markup of Reg D Study Act set for Tuesday. CUNA will submit support letter. http://t.co/cDWkZ0Q0x1
3 hours ago
The 54th Western CUNA Management School graduated 89 students on July 25.
3 hours ago
.@CUNA Bank Secrecy Act training to reach 38 Mich. state examiners #NewsNow http://t.co/7HDPgwih8G
5 hours ago
St. Louis treasurer taps #creditunion to serve unbanked #NewsNow http://t.co/lWtcezJOej
22 hours ago
.@CUNAMutualGroup has committed $35K to @trustdotcoop over the next year to suppor the future of #creditunions.
7 25 ago