Credit Unions: Both Industry and Insurance Fund Appear Financially Sound
(Testimony, 09/29/94, GAO/T-GGD-94-142).
The credit union industry has grown rapidly in recent years and now
serves more than 64 million customers. As of June 1994, insured deposits
totaled about $251 billion, nearly 10 percent of all federally insured
deposits. Compared to banks and thrifts, credit unions came through the
turbulent 1980s with few problems and the Insurance Fund appears to be
well capitalized. However, GAO believes that regular congressional
oversight of federally insured credit unions and their regulator--the
National Credit Union Administration (NCUA)--is justified. In 1991, GAO
issued a comprehensive report (GAO/GGD-91-85) that identified several
areas in which regulatory practices and procedures could be
strengthened. GAO made 48 recommendations for change, and NCUA has
implemented many of them. This testimony focuses on the condition of the
industry, the condition of the Insurance Fund, the increase in the
coverage of federal insurance, and recommendations in the 1991 report
that have yet to be fully implemented.
--------------------------- Indexing Terms -----------------------------
REPORTNUM: T-GGD-94-142
TITLE: Credit Unions: Both Industry and Insurance Fund Appear
Financially Sound
DATE: 09/29/94
SUBJECT: Credit unions
Oversight by Congress
Insured commercial banks
Financial disclosure reporting
Risk management
Reporting requirements
Regulatory agencies
Banking regulation
Bank management
Losses
IDENTIFIER: NCUA Share Insurance Fund
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