65 CUs Sold Portfolios During 04
According to analysis by AssetExchange, a credit card portfolio brokerage firm, here are some credit union credit card portfolio trends for year-end 2004.
For the roughly 2,200 credit unions with credit card portfolios of $1 million and larger:
* Penetration, or the percentage of credit union members that have credit union credit cards, continued its decline, falling from 19% in December 2003 to 18.4% in December 2004.
* Total card assets for portfolios over $1 million increased from $21.1 billion in December 2003 to $22 billion in December 2004. This is less than 1% growth in inflation-adjusted dollars, the company said.
* Total card assets for portfolios over $1 million continued their decline as a percentage of assets, falling from 4.29% in December 2003 to 4.22% in December 2004.
* 54% of card portfolios shrunk in inflation-adjusted dollars between December 2003 and December 2004.
* Approximately 65 credit unions sold their credit card portfolios, accounting for about $475 million in total volume.
Values provided above are for credit card portfolios larger than $1 million in each time period and are based on NCUA call report data. Inflation values are from the U.S. Department of Labor Bureau of Labor Statistics.
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