The federal fund that insures credit union members’ shares (deposits) is expected to dip to 1.25% by June 30, down from the fund’s 1.3% ratio at year-end 2022, according to information released Thursday by the National Credit Union Administration (NCUA).
First-quarter results for the National Credit Union Share Insurance Fund (NCUSIF) were detailed in a briefing during the NCUA Board’s open meeting Thursday. According to the agency’s chief financial officer, the fund reported net income of $41.9 million and a net position of $20.9 billion for the first quarter, which ended March 31. The fund’s total assets reportedly rose to $21 billion by March 31, up from $20.4 billion as of Dec. 31, 2022.
Additionally:
- The number of composite CAMEL codes 4 and 5 credit unions increased from 122 as of Dec. 31, 2022, to 127 by March 31. Assets of these institutions remained the same at $5.6 billion.
- The number of composite CAMEL code 3 credit unions increased from 769 as of Dec. 31, 2022, to 779 as of March 31. Assets increased to $80 billion from $71.4 billion.
The agency said that as of March 31, two federally insured credit union failures cost the NCUSIF approximately $1.2 million in losses.