Letter from Chairman Matz says industry is "turning corner" but that troubling trends remain.
RealtyTrac said initial default notices up 14% in second quarter vs. first.
RealtyTrac, a leading source of data about U.S. real estate foreclosures, has reported the numbers of properties in some stage of foreclosure dropped significantly in February, but not because the foreclosure problem is lessening.
Net income and net worth increased at federally insured credit unions during the third quarter, but overall lending was flat and the rate of member bankruptcies increased over last year, according to data released last week by the NCUA.
Increased NCUA assessments coupled with more deposits and slower loan growth have put considerable strain on credit unions and they fear the impact of higher regulations, according to a report NAFCU presented to the Federal Reserve Board today.
One of Florida's ailing credit unions, the $140 million Bay Gulf CU of Tampa, insisted it is on a path to financial recovery.
Eleven years after the now-defunct Eastern Airlines first flew the skies from its Miami-based hub, a credit union chartered to serve the carrier's employees made its debut.
Operating under a state cease and desist order to restore capital, the president/CEO of Bay Gulf CU said his CU remains "open to merger opportunities " but is determined-and has regulator backing-to ride out loan loss problems in the interim.