When it comes to capital, credit unions may have too much of a good thing.

After decades of puny capital-to-asset ratios, credit unions have been hell-bent on raising reserves since the early 1980s and could have billions more than they need. The industry's ratio in June was 10.61%, or $31.8 billion. Ten years earlier credit unions had a 6.84% ratio, or $7.3 billion.

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