Board Action Bulletin
Voluntary Liquidation Proposal Provides Regulatory Relief, Consumer Protection
The Share Insurance Fund ended 2013 in a strong position due to continued improvement in the performance of federally insured credit unions and a decline in insurance and guarantee program liabilities.
The total number of CAMEL code 3, 4 and 5 credit unions dropped 7.9 percent, to 1,787 at year-end 2013 from 1,940 in 2012.
Assets of CAMEL code 3 credit unions decreased to $108.6 billion at the end of the fourth quarter of 2013, a 9.0 percent drop from $119.3 billion on Dec. 31, 2012.
Assets of CAMEL code 4 and 5 credit unions fell 27.4 percent, to $13.8 billion at the end of 2013, down from $19 billion for year-end 2012.
Federal credit unions that choose voluntary liquidation would have fewer administrative requirements and members would have greater protection under a proposed rule (Part 710) approved by the Board. The proposal is part of NCUA’s Regulatory Modernization Initiative.
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