ALEXANDRIA, Va. -- The NCUA's Share Insurance Fund has $7.8 billion in assets and a strong equity ratio, but the increase in the number of credit unions experiencing difficulties is placing some strains on the fund, NCUA Chief Financial Officer Mary Ann Woodson told the board today.
The agency has $128 million in its reserve accounts--of which $103 million is unallocated reserves--to pay out claims in the case of credit union failures.
The fund's equity ratio in September was 1.28%, an increase from August's level of 1.22% that is within the 1.2%-1.5% range 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.
Woodson did not disclose how much the fund has paid out this year, and after questioning from NCUA Chairman Michael E. Fryzel promised to have that data for this year and the past 10 years at the board's November meeting.
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