What Does Next Century Hold For The Movement?
WEST PALM BEACH, Fla.-What will the nation's credit union community look like 100 years from now? Will there even be one? Or will it be even more robust? As credit unions celebrate their 100th anniversary in the United States in 2009, Credit Union Journal is preparing to publish "Credit Unions: The Next 100 Years," and is seeking your input and opinions. Share your thoughts on what the future might hold for credit unions, and what it will take to get there. Go to cujournal.com and click on the "Letters to the Editor" tab in the left-hand navigation bar. Responses and predictions will be published in the Dec. 7 issue of Credit Union Journal.
Thrifts Show First Profit Since Q3 Of 2007
WASHINGTON -Data released last week showed the nation's thrifts eked out a $4 million profit in the second quarter even as the number of troubled institutions continued to grow. The tiny profit was the first net income since the third quarter of 2007 for the beleaguered industry and compares to a $5.4 billion loss for the second quarter of 2008, according to the Office of Thrift Supervision's mid-year report issued yesterday. That compares to a $1.2 billion mid-year net reported the day before for the nation's 7,900 credit unions, down 42% from a $2 billion in 2008.
The OTS said the number of "problem" S&Ls rose to 40 at mid-year, up from 31 in the first quarter and 17 a year ago. For the average thrift, loan delinquencies rose to 3.11%, from 3% for the first quarter and 2.56% a year ago. That compares to 1.58% for credit unions and mid-year and 1.44% for the first quarter.
