CU Times - July 15, 2009 - It’s not just the problems of the corporates. The financial difficulties of many natural person credit unions–including some of the larger ones–have increased pressure on the NCUSIF and made assessing additional premiums on credit unions inevitable.
While the fund had a $5.3 billion reserve balance as of the end of May, the most recent data, its net income for the year has been $137.7 million, compared with the projected amount of $205.4 million.
Adding to the concern is that CAMEL 4 or 5 credit unions represent 3.99% of insured shares, compared with 1.31% a year ago. There have been 243 troubled credit unions this year, compared to 301 at year-end 2008.