ARLINGTON, Va. — Credit union card portfolio analysts and brokers report that NCUA's data shows CU card performance continues to rise this year as CU card portfolio sales have continued to drop.
The agency's third quarter data on CU financial performance indicated that 2,100 credit unions have credit card portfolios worth more than $1 million, according to an analysis of the data performed by Asset Exchange, a card consulting and brokerage firm which is owned by Fidelity National Information Services.
Most of the numbers have been very good. Since Sep. 2006, the firm reported that the average balance on a CU issued credit card account has risen 11% to $2,347. Given this increase, it may not be surprising that this year has seen 70% of CU card portfolios grow faster than the rate of inflation, up from 60% this time last year.
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Total card assets in the industry grew almost 14%, from $24.2 billion this time last year to $27.5 billion in 2007 and credit card assets increased as a percentage of total CU assets from 4.34% in Sep. 2006 to $4.67% this year.
The increased card performance has occurred at the same time that card portfolio sales have been slowing, the data showed. Analysis from both Asset Exchange and Brookwood Capital, a leading CU card portfolio broker show CU card portfolio sales down for the year thus far.
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