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NCUA report CU system stability improved in 2010
ALEXANDRIA, Va. (10/14/11)—Credit unions “continued to respond to many economic hurdles, but moved significantly further along the road to improved financial stability” in 2010, the National Credit Union Administration (NCUA) said in its 2010 annual report. The report, entitled Resilience and the Road Ahead, serves as the NCUA's official report to the President and Congress, and covers the NCUA and credit union operations. The report also tabulates 10 years of financial trends for credit unions and the National Credit Union Share Insurance Fund, the NCUA said in a release. The NCUA added that the report also carries forward the complete audited financial statements of all funds managed by the agency. Overall, the agency said the credit union industry “demonstrated its resilience” during 2010, and “had achieved higher net income, greater return(s) on assets, more efficient operations,” and reduced loan delinquencies and charge-offs by the end of that year. Total assets held in credit unions increased to $914.5 billion and total shares and deposits increased to $786.5 billion during 2010, the NCUA said. The total number of federal credit unions decreased to 4,589 in 2010, down from 2009’s total of 4,714. However, the number of federal credit union members increased by nearly 500,000 in 2010, with membership totaling 50,081,400 at the end of the year. Membership at state-chartered, federally insured credit unions also showed a modest increase during 2010, the agency said. The total number of credit union members stood at 90.5 million at the end of the year, according to the NCUA. The agency noted that it further strengthened the credit union system in 2010 by working toward the resolution of the corporate credit union crisis, overseeing the implementation of the Temporary Corporate Credit Union Stabilization Fund, extending the Temporary Corporate Credit Union Share Guarantee Program, establishing bridge corporate credit unions, and approving new safety and soundness standards for corporates. For the full release, use the resource link.
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