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News Now

CU System
CUs 3Q credit card portfolios grow
PORTLAND, Ore.--(12/22/10)--Outstanding credit card balances at credit unions grew at an annual rate of 4.4% in the third quarter, compared to a 7.9 % rate for the same period last year, according to Assets Exchange, a credit union credit card portfolio advisory and brokerage firm. Other findings from the National Credit Union Administration (NCUA) call report data provided by Highline Financial:
* The 4.4% third-quarter growth rate brought outstanding credit card balances at credit unions to $35.2 billion; * Total assets grew at an annual rate of 4.6% between September 2009 and September 2010; * Card accounts grew at a 1.76% annual rate over the same period to 13.1 million; * Cards as a percentage of total assets held steady at 4.4% in the third quarter of 2010, reflecting no change from the third quarter of 2009; * Credit card penetration continues to trend near 17%; and * Among credit unions with card portfolios larger than $1 million, two card portfolios were sold with a combined balance of approximately $12 million.


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