The number and value of credit card portfolios sold by credit unions has continued to decline this year, according to Brookwood Capital LLC.
The Peterborough, N.H., financial firm, which advises credit unions on the sale of their credit card portfolios, said last week that only five credit unions with outstanding card balances worth more than $1 million sold them during the second quarter.
The total of receivables sold during the quarter was about $20 million, the firm reported; the average size was $4.1 million.
In the first half of the year, 15 credit unions sold their credit card portfolios, fewer than half as many as a year earlier, Brookwood said. The receivables sold so far this year totaled $83 million, down about 64% from a year earlier.
Timothy Kolk, Brookwood's managing partner, said Friday that he did not have quarterly comparisons readily available but that, though "volumes are running at about half of last year's level" for the year to date, "for the quarter it was down even more."