"I take exception to that comment," NCUA Board Chairman Debbie Matz responded.

Matz added that regulations are the best way to minimize the failure of credit unions.

"Safety and soundness and sound regulation go hand in hand and I want to make sure that's on the record," Matz said.

Woodson said there was a reduction to the fund's reserves of $4.9 million, bringing the year to date total to $19.9 million.

Total expenses were $29.4 million and net income was $24.6 million.

As of Sept. 30, investment income was $52.4 million and total income was $54 million.

The NCUA said it does not plan to assess an NCUSIF premium for 2014.

"We appreciate the agency's efforts in management of the NCUSIF. We are pleased to see that it continues to be well-funded and that the agency does not plan to assess a share insurance premium for 2014," NAFCU Director of Regulatory Affairs Michael Coleman said. "In the meantime, we continue to urge NCUA to exercise greater transparency by fully disclosing the amounts disbursed and allocated for each fund it administers."

At its meeting, the NCUA Board also approved two proposed rules regarding flood insurance and corporate credit unions.

"Specifically, the proposal would establish requirements with respect to the escrow of flood insurance payments, consistent with the changes set forth in the Homeowner Flood Insurance Affordability Act," the board action memorandum read.

"The proposal also would incorporate an exemption in HFIAA for certain detached structures from the mandatory flood insurance purchase requirement," according to the memorandum.

McWatters asked Frank Kressman, NCUA associate general counsel, if he anticipates the proposal getting negative feedback during the 60-day comment period.

Kressman said he does not foresee the proposal getting a great deal of pushback.

According to the NCUA, the proposed rule on corporates would amend the agency's regulations governing corporate credit unions and the scope of their activities. Under the proposal, corporates that invest in or make loans to corporate CUSOs would have to require the CUSOs to provide financial reports to the NCUA and state regulators. The proposal would also increase the amount of secured lending corporates can make to members and allow an NEV-related threshold breach correction within 10 days to avoid a regulatory violation.

At the end of the meeting, the NCUA board recognized Franz Ayento, who works as an IT contractor in the agency's Office of the Chief Information Officer, for recently becoming a U.S. citizen. Ayento was presented with a U.S. flag that was flown over the U.S Capitol.