The National Credit Union Share Insurance Fund saw a net loss of $21.8 million in the second quarter of 2016, but a net income of $2.2 million for the first half of the year. NCUA Chief Financial Officer Rendell Jones presented the update at Thursday’s NCUA board meeting.
Per Jones, as of June 30, 2016, the calculated equity ratio, based on estimated insured shares of $993.5 billion, dropped to 1.24%. When the next 1% deposit capital adjustment is collected in October for all federally insured credit unions with assets of $50 million or greater, the equity ratio is estimated to be 1.27%, consistent with the agency’s expectations, but the ratio may differ if loss patterns change.
NCUA will invoice for the adjustment in September.
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