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IMSNBC.comI Check FIs health look up any CU
NEW YORK (6/16/10)--Consumers can check out the health of any U.S credit union--or other financial institution--through an online MSNBC.com article Monday, which featured a searchable database. The article, “Bank profits rise, but so do bad loans,” by Wendell Cochran, is based on quarterly financial reports compiled by the Federal Deposit Insurance Corp. and analyzed by the Investigative Reporting Workshop at American University in Washington, D.C. The search does not identify branches of credit unions, only parent institutions. The National Credit Union Administration (NCUA) data are not reported for local branches. Users are taken to a page displaying details about the requested financial institution’s financial performance. The first quarter was difficult for credit unions and 2010 will be a difficult year, Debbie Matz, NCUA chairman, told MSNBC, [referring to the broad reach of the country's economic woes and housing crisis]. However, NCUA reported that U.S. credit unions made about $1.1 billion in the first quarter this year, MSNBC said. To read the article, use the link.
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