CAMEL Code 3, 4, 5 credit union totals decline, NCUA reports
CAMEL Code 3, 4 and 5 credit union totals declined during the first quarter of 2013, and this decline demonstrates the improvements seen throughout the credit union system, National Credit Union Administration (NCUA) Chairman Debbie Matz said at this morning's open board meeting.
The number of CAMEL 4 and 5 credit unions fell by 30 during the quarter. The March 2013 total of 339 CAMEL 4 and 5 credit unions represents an 8.1% decline from the total recorded at the end of 2012. This decline crossed every asset class, noted NCUA Chief Financial Officer Mary Ann Woodson. CAMEL Code 4 and 5 credit unions held $16.8 billion in assets.
There were 1,558 CAMEL Code 3 credit unions at the end of the first quarter of 2013, a decline of 13 from the previous quarter's total. Total shares and total assets held by these credit unions also declined to $101.6 billion and $114.4 billion, respectively.
The four failures that have occurred in the first quarter of 2013 cost the fund $75,000 in losses, reported Woodson.
The Temporary Corporate Credit Union Stabilization Fund (TCCUSF) remains stable and consistent with agency expectations, added Woodson.
The quarterly report on the status of the agency's National Credit Union Share Insurance Fund and Temporary Corporate Credit Union Stabilization Fund was the only item on the agenda.