ALEXANDRIA, Va.–The number of CAMEL Code 4 and 5 CUs that are federally insured declined by 25% in the third quarter over one quarter earlier.
During the NCUA board meeting, the agency’s CFO, Rendell Jones, provided an update on the state of the National Credit Union Share Insurance Fund.
In addition to the improvement in CAMEL 4 and 5 CUs, Jones said there are 1,297 CAMEL 3 CUs, 89% of which have less than $100 million in assets. Two percent of those CUs have more than $500 million in total shares. In all, there are $83.2 billion in insured shares in CAMEL Code 3 CUs, a decline of $700 million from Q2.
Jones said that during Q3 the NCUSIF reported net income was $24.7 million. Overall income was primarily driven by $56.8 million in income from Treasuries, plus interest income on notes receivable. Its operating expenses for the quarter were $49 million, or 1.8% under budget.
Jones said there have been 11 failures to date in 2015 at a cost of $9.9 million to the NCUSIF. Fraud contributed to seven of the 11 failures.