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NCUA Insurance Fund Strong; Woes of Some CUs Could Test It

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.

By Claude R. Marx | Updated on July 24, 2008

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.

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