How close the National Credit Union Share Insurance Fund (NCUSIF) is to achieving a staff-projected, year-end equity ratio of 1.3% may be revealed Thursday during the National Credit Union Administration (NCUA) Board open meeting, which has a quarterly report on the fund as its only agenda item.
The last quarterly report was briefed to the board in September. Then, staff reported the fund at a 1.26% equity ratio as of June 30. At time, staff was projecting the fund will rise to 1.3% by Dec. 31.
The fund’s 1.26% equity ratio is the highest the fund has reached (and the third time such a level has been reported) since it dipped to 1.22% in June 2020 due to a rapid influx of deposits amid the COVID-19 pandemic.
NCUA in September reported the following based on June 30 figures:
- The number of composite CAMEL codes 4 and 5 credit unions decreased from 125 to 117 from the end of the first quarter of 2022. Assets for these credit unions decreased from the first quarter, to $3.7 billion from $3.8 billion.
- The number of composite CAMEL code 3 credit unions increased from 751 to 755 from the end of the first quarter of 2022. Assets for these credit unions increased from the first quarter of 2022, to $44.5 billion from $43.8 billion.
- At the end of the second quarter of 2022, there were three federally insured credit union failures that are projected to cost the Share Insurance Fund approximately $660,000 in losses.
Thursday’s open meeting is set to begin at 10 a.m., viewable in person and via webcast.