The National Credit Union Administration released updated data today on the number of troubled credit unions. The data shows that both the number and deposits in troubled credit unions have increased.
There were 337 problem credit unions, credit unions with a CAMEL code 4 and 5, in October. In comparison, there were 271 problem credit unions at the end of 2008.
At the end of October problem credit unions held $39.8 billion in insured shares (deposits) -- or 5.58 percent of the industry total insured shares -- more than double the amount of shares ($16.3 billion) in troubled credit unions at the end of 2008.
The following graph shows the distribution of problem credit unions by asset size.
Additionally, it is highly likely that more credit unions will migrate towards being classified as a problem credit union, as 1,640 credit unions currently have a CAMEL 3 ratings.
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