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NCUA: No NCUSIF assessment in 2013

The National Credit Union Administration (NCUA) open board meeting held on October 24 featured good news for credit unions: There will be no National Credit Union Share Insurance Fund (NCUSIF) premium assessment in 2013, agency Chief Financial Officer Mary Ann Woodson reported.

Woodson noted that the NCUSIF remains strong, with $110.3 million in net income, $11.7 billion in total assets and an equity ratio of 1.31% as of September 2013.

The NCUA quarterly financial report also showed:

  • The number of CAMEL code 4 and 5 credit unions declined to 317 from 330 in the second quarter, with more than half of the CAMEL 4 and 5 credit unions holding less than $10 million in assets; and
  • The number of CAMEL code 3 credit unions declined to 1,483 from 1,508 in the second quarter, with 47% of those credit unions holding less than $10 million in assets.

CAMEL code 4 and 5 credit unions held 1.58% of insured shares, or approximately $13.7 billion. CAMEL 3 credit unions held 11.13% of insured shares, or $96.7 billion. Combined, insured shares in CAMEL 3, 4, and 5 credit unions represent approximately 12.7% of total insured shares.