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NCUA releases annual report highlighting improvements, upcoming challenges

The credit union industry’s health got slightly better last year but there is still much room for improvement. That’s the message the NCUA sent Congress in its recently released annual report.

In 2010, the agency spent 634,585 hours on examinations, compared with 584,159 hours in 2009. There were $914.5 billion in assets in credit unions as of Dec. 31, compared with $884.6 billion at the end of December 2009.

Industry earnings, as measured by return on average assets ratio, increased to 0.51 percent as of last Dec. 31, compared to 0.18% at the end of 2009. However, there was a $7.7 billion (1.3 percent) decline in total loans, from $572.4 billion in 2009 to $564.9 billion in 2010.

On the positive side, there were fewer problems with the loans made by credit unions. At federally insured credit unions 1.74 percent of all loans were delinquent, compared with 1.84 percent in 2009.

Real estate loans made up 54.8 percent of all loans at those credit unions and vehicle loans made up 29.1 percent. At the end of last year, 359 credit unions with total shares of $38.5 billion had CAMEL 4 or 5 ratings, representing 5.1 percent of all insured shares. In 2010, 28 natural person credit unions failed, the same number as in 2009.

There were 7,339 federally insured credit unions at the end of 2010, compared with 7,554 at the end of 2009. There were 90.5 million members of federally insured credit unions as of last Dec. 31, compared with 89.5 million at the end of 2009.

To read the full report click here.

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