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Credit union industry posts record earnings, crosses $1 trillion in combined assets

  • The Wichita Eagle
  • Published Monday, March 4, 2013, at 10:12 p.m.

Credit union earnings reached an all-time high in 2012, the National Credit Union Administration reported Friday.

Aggregate earnings for the nation’s federally insured credit unions reached $8.5 billion, the NCUA said, and total assets crossed the $1 trillion mark.

“There are many reasons to be optimistic about the credit union industry’s future,” said NCUA board chairman Debbie Matz in a news release.

NCUA said year-over-year membership increased by 2 million and delinquencies continued to fall.

But NCUA cautioned that a combination of continued low interest rates and an elevated share of fixed-rate mortgages as assets could pose a long-term risk for the industry.

It also said that credit union growth was most robust in those with more than $250 million in assets, and that credit unions with less than $10 million in assets had an overall loss in membership as well as sluggish loan growth.

“Small credit unions are important to their members and their local economies,” Matz said in the release. “It’s our job to monitor their health and, to the extent possible, find ways to keep them sustainable.”

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