5 takeaways from NCUA's Q1 data
Credit unions reported a significant drop in earnings, increased delinquencies and higher provisions for credit losses for the first quarter.
Those were some of the takeaways from the National Credit Union Administration's first-quarter performance data, which was released on Wednesday. The data is significant because it marks the first system-wide look at how credit unions have fared during the coronavirus crisis.
The full picture, however, may not be available for some time, since the outbreak was only getting started as the first quarter came to a close. NCUA's second-quarter reporting should be released sometime in late summer.
The first-quarter release wasn't all bad news. Credit union growth continues, though at a slower pace, and some loan categories continue to see strong growth.
Read on for highlights from the report. Coverage of fourth-quarter 2019 data can be found here.