ALEXANDRIA, Va. — Improved CAMEL ratings resulted in a $147.2 million reduction in reserves during the third quarter for National Credit Union Share Insurance Fund, Chief Financial Officer Mary Ann Woodson reported during Thursday's board meeting.
Woodson said the fund's reserve balance fell from $606.6 million as of June 30 to $484.9 million as of Sept. 30. Of the $485 million in reserves, $171 million is set aside for specific reserves, with the remaining $314 million tagged for non-specific reserves, she said.
|As of Sept. 30, 382 credit unions had CAMEL code 4 or 5 scores, a decrease of 17. The most notable decrease was in the $100 million to $500 million asset category, where 10 credit unions improved their position. CAMEL 4 and 5 credit unions represent 2.8% of insured shares and $26.3 billion in assets, Woodson said.
The number of CAMEL code 3 credit unions also improved during the third quarter, with Woodson reporting 1,639 credit unions receiving the designation, down from 1,679 as of June 30. CAMEL 3 credit unions represent nearly 14% of insured shares and $116.5 billion in industry assets, she said.
Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.
Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking credit union news and analysis, on-site and via our newsletters and custom alerts
- Weekly Shared Accounts podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the commercial real estate and financial advisory markets on our other ALM sites, GlobeSt.com and ThinkAdvisor.com
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
