The National Credit Union Administration (NCUA) board held its board meeting on May 22, the first since Chairman Todd Harper announced his temporary leave of absence. The meeting was conducted by Vice Chairman Kyle Hauptman and board member Tanya Otsuka. Before the board was briefed on the status of the National Credit Union Share Insurance Fund (NCUSIF), Vice Chairman Hauptman addressed the recent changes to the call report, which now requires credit unions with assets of $1 billion or more to report overdraft and non-sufficient funds (NSF) fee income. Read our Advocacy Blog post on these details.
Regarding the NCUSIF, NCUA staff projects the equity ratio for June 30, 2024, will be 1.24%, they said during the NCUA board’s May meeting.
NCUA staff projects the equity ratio for June 30 and Dec. 31 of each year. It was 1.3% at the end of 2023, and staff mentioned share growth is the primary reason for the expected drop.
The update also showed the fund reported a net income of $68.1 million for the quarter ending March 31.
The NCUA announced it cancelled the scheduled board meeting for June and will meet next on July 18.
