NCUA Chairman Kyle Hauptman presided over his first NCUA board meeting as chair Thursday, where NCUA staff briefed board members  on fourth quarter 2024 financial statistics from the National Credit Union Share Insurance Fund (NCUSIF). 

The Share Insurance Fund (SIF) report for fourth quarter 2024 recorded a net income of $79 million, and total net income for the past year was $305 million. The year-end SIF equity ratio was 1.30% up from 1.28% at mid-year 2024. The percentage of insured shares at credit unions with CAMELS codes 3, 4, and 5 decreased slightly during the previous quarter. 

“There is a lot of good news here,” Hauptman said. “I’m pleased to see the share insurance fund remains strong. Reductions in unrealized losses, increased interest revenue, and capitalization deposit adjustments throughout the year helped to increase the Share Insurance Fund’s assets by $924.6 million. However, credit unions and the NCUA Board will need to continue to monitor economic and market conditions. Patience, flexibility, and sound balance sheet management will be vital in the year ahead.”

In his opening statement, Hauptman outlined his commitment for the NCUA to remain a great partner to credit unions during his leadership:

“Your money is safe at the NCUA Insurance Fund and it’s safe at NCUA-insured credit unions,” Hauptman said. “Our NCUA staff are professionals and credit union members should know that management around here has worked around the clock to ensure we still meet the need of America’s credit union members and my outstanding NCUA coworkers.”

All board members reiterated their support for the work and effort of NCUA employees amid uncertainty regarding federal employment.  

Board Member Todd Harper also urged credit unions to review plans for accessing emergency liquidity, including the Central Liquidity Facility (CLF). He also reinforced the safety of credit union deposits. 

See the board briefing materials here.