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The National Credit Union Association (NCUA) said Friday that the credit union industry’s record profits in 2012 made it a “pivotal year” for the credit union industry.
Despite the $8.5 billion profits last year, NCUA Board Chairman Debbie Matz warned against interest rate risk because of a concentration of fixed mortgages on credit unions’ books.
The industry’s profits make a 36.1 percent increase from $6.3 billion reported in 2011. It was mainly because of reductions in loan loss reserves, which is a sign of the improving economy. Click here to learn more.
