The September 30, 2018 Preliminary and Unaudited Financial Highlights for the National Credit Union Share Insurance Fund disclosed $47.4 million is specific reserves for natural person credit unions.
General reserves were $108.8 million.
Are these specific reserves associated with the closing of taxi medallion lender LOMTO Federal Credit Union? Or are there other credit unions that the agency has targeted for failure?
Read the report.
This irresponsible of the NCUA - how did they allow NYC CU's to lend on auction value vs. economic value, ballon loans with no amortization, and over concentration. The brakes should have been put on this 10 years ago. More losses coming from New York to San Francisco. Question - is the insurance underfunded? How does it compare to FDIC?
ReplyDeleteThe NCUSIF equity ratio was 1.35 percent as of June 2018. The FDIC Deposit Insurance Fund reserve ratio was 1.36 percent as of September 2018, up from 1.33 percent as of June 2018.
ReplyDelete