SANTA ANA, Calif. — Despite experts' predictions that bank credit card delinquencies will rise to 7% next year, $917 million Orange County's Credit Union is completing the process of moving its credit card portfolio back in-house.
Why? Vice President of Lending Jeff Harper said since he started the project, he's had to ratchet up his loss projections as the economy has turned south. However, the bottom line figures are still in the black.
"The key to any profitability is outpacing losses and expenses," Harper said. "We went back into credit cards because we need a high-yield asset on our books, something that would earn a little bigger spread."
Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.
Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Critical CUTimes.com information including comprehensive product and service provider listings via the Marketplace Directory, CU Careers, resources from industry leaders, webcasts, and breaking news, analysis and more with our informative Newsletters.
- Exclusive discounts on ALM and CU Times events.
- Access to other award-winning ALM websites including Law.com and GlobeSt.com.
Already have an account? Sign In
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
