Fiscal Cliff Could Curse New Mexico
As of June 30, New Mexico credit unions were thriving with a return on assets of 101 basis points, according to NCUA quarterly mapping data. That’s well above the national average of 0.86% ROA. However, the so-called fiscal cliff could curse profitability for credit unions in the Land of Enchantment.
If Congress fails to reach an agreement on the budget by year end, more than 200,000 New Mexico jobs would be at risk of sequestration.
“We look forward to a great year next year, primarily because I believe that it is a great time to be a credit union,” he said. “While big banks continue to be under attack from consumers, people are beginning to see the value in credit unions, and we will continue to promote this as we move into 2013.”
The $190 million Rio Grande Credit Union has consistently produced a high ROA, reporting 145 basis points of profit as of Sept. 30.