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Credit Unions: Both Industry and Insurance Fund Appear Financially Sound

  Premium   Download PDF Now (32 pages)
Report Type Reports and Testimonies
Report Date Sept. 29, 1994
Report No. T-GGD-94-142
Subject
Summary:

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.

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