Problem Credit Unions: Numbers Up; Assets and Shares Down in April

NCUA reported that the number of problem credit unions increased by 8 in April to 374 credit unions – tying the second most during this current credit cycle. In October 2010, there were 378 problem credit unions. A problem credit union is defined as having a CAMEL code of 4 or 5.

Credit unions with less than $100 million in assets accounted for the increase in the number of problem credit unions.

However, assets and shares (deposits) in problem credit union fell in April. According to NCUA, assets and shares in problem credit unions fell by $400 million in April to $41.6 billion and $36.9 billion, respectively. NCUA reported that 4.87 percent of all insured shares and 4.55 percent of industry assets were in problem credit unions.