For the quarter ended March 31, 10 credit unions with credit card portfolios of more than $1 million in outstanding balances sold portfolios totaling approximately $62 million in receivables, the Peterborough, N.H.-based consultancy says in a report released this week.
The average size of portfolio sold was $6.2 million. During the same period last year, 17 credit unions with credit card receivables of more than $1 million sold portfolios worth a total of $108 million, with an average portfolio size of $6.35 million.
One credit union also emerged during the first quarter of this year as a new credit card issuer with a portfolio of at least $1 million in receivables.
Credit card-portfolio sales by credit unions have been down from historic levels during the past three quarters, most likely because of economic turmoil, Tim Kolk, Brookwood Capital managing partner, tells CCRNewsline sister publication CardLine.
"Many credit unions are focusing on other priorities at the moment, such as their mortgage and auto-lending areas," he says, adding that buyer demand for card portfolios remains strong.
