NCUA Board Chairman Debbie Matz said Friday that the credit union industry's $8.5 billion record profit in 2012, along with other key financials, made for a "pivotal year" and said there are many reasons to be optimistic about the future.
However, she also warned against interest rate risk due to a concentration of fixed rate mortgages on credit union books.
"Credit unions had a pivotal year in 2012," Matz said as the agency released its 2012 year-ending Call Report data. "The industry generated record earnings, assets crossed the $1 trillion mark and membership grew by more than 2 million."
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