‘Challenges persist’ for credit unions heading into 2025, NCUA says
Delinquencies and charge offs both increased for U.S. credit unions in the second quarter of 2024, and net income fell by 10%.
The latest credit union data paints a less-than-rosy picture for the industry at large.
The National Credit Union Administration Thursday released its comprehensive industry data for the second quarter of 2024, and it will likely have some executives wringing their hands.
“Notably, an increasing segment of credit union membership continues to experience financial strain as evidenced by a steady increase in the loan delinquency rate, charge offs, and borrowing using the NCUA’s payday alternative loan product,” said NCUA Chairman Todd Harper in the release.
The delinquency rate at federally insured credit unions was 84 basis points in the second quarter of 2024, up 21 basis points compared with the second quarter of 2023.
continue reading »