Credit unions can hold their heads high in 2010 and beyond.
May’s employment data and the resulting drop in stock indeces might cast a “pall” on economic recovery, but credit unions can hold their heads high when it comes to their role in setting the country on the path toward a brighter financial future. First quarter results are in; the industry turned in an outstanding performance in 2009 and is continuing that tradition into 2010. Assets, share balances, membership, ROA…they’re all on the rise. Read about the industry’s 1Q performance in Callahan’s quarterly report.
Need more validation of the successes of the industry? Then check out our side-by-side comparison of how credit unions performed against banking behemoth Bank of America. Sure, our individual contributions might amount to a drop in the bucket when we’re staring down an institution with total assets that exceed $2 trillion, but together we proved the co-operative model of financial services is invaluable, and seriously impactful, in times of economic crisis. (Bank of America, on the the other hand, has to pony up a settlement for overcharging struggling homeowners).
We’ve got the data that shows credit unions are outperforming even the most formidable banking opponents, so what will the industry do in 2Q10, 3Q10, and beyond? Loan demand and increased competition present challenges in 2010, but there are opportunities in the credit card market and we're here to help credit unions identify where to look to recover lost ground.