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Wisconsin CUs income grew 3 in nine months
MADISON, Wis. (11/25/08)--Wisconsin credit unions’ net income grew about 3% during the first nine months of 2008, according to a new report from the state regulator. Credit unions made roughly $95.8 million through Sept. 30, compared with $93 million in the same period of 2007, said the Wisconsin Office of Credit Unions (The Milwaukee Journal Sentinel Nov. 23). The regulator also indicated that the ratio of delinquent loans increased slightly to 1.21% from 1.16%--which the regulator said is a good rate for credit unions amid a slumping economy. However, a prolonged recession eventually will negatively impact credit unions even though they are conservative lenders, Suzanne Cowan, office director, told the newspaper. While credit unions are not-for-profit cooperatives owned by their members, the not-for-profit status that exempts them from income tax has been a point of contention with bankers who cite the exemptions as an unfair competitive advantage, the paper noted.
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