Thank you, Rendell, for managing the Insurance Fund so prudently and transparently. Total Income is above budget estimates, while Operating Expenses are 11 percent below budget estimates.
And despite the ups and downs in interest rates, the Insurance Fund yield has remained remarkably steady. This is a result of the effective strategy enumerated by your Investment Committee. So I extend my thanks to everyone who has served on your committee and kept the fund strong.
Your report today is a far cry from the first report I received as NCUA Chairman:
- In 2009, more than 350 credit unions were rated CAMEL 4 or 5; and those troubled credit unions were holding assets of nearly $52 Billion.
- Since then, the number of credit unions rated CAMEL 4 or 5 has been reduced by 38 percent; and the assets held by troubled credit unions have been reduced even more dramatically—by 85 percent.
So in closing, I’d like to thank all NCUA staff and credit union officials whose diligence and hard work contributed to this extraordinary recovery.