The Credit Union National Association's credit card unit lost $19.7 million in 1995, largely because of capital investment and a botched technology deal.

Peter Crear, interim president of the trade group, the industry's largest, declined to give a specific breakdown of Card Services' losses. But he said that the unit, which has lost its two top officers in the past four months, would be in the red again next year.

Limited Time Offer

Save $400 off your subscription. Special offer ends April 30, 2017.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.