WASHINGTON — At a time of public concern about the safety of their deposits, the NCUA Chief Financial Officer Mary Ann Woodson told the board today that the agency's Share Insurance Fund has $7.6 billion in assets and a strong equity ratio. But she added that they are taking steps to ensure funds are available to help the increased number of credit unions having financial trouble.
The agency has $334 million in its reserve accounts to pay out claims in the case of credit union failure. It added $109 million more for those purposes in the first part of the year than was originally projected, because of the economic slowdown.
The fund's equity ratio in June was 1.24%, the lowest level this year but still within the 1.2%-1.5% that is required by Congress. The agency projects it will end the year with an equity ratio of 1.28%, compared with $1.29% at the end of last year.
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