BASTROP, Texas – Addressing credit union executives attending CO-OP Financial Services' THINK 09 conference, former NCUA Board Chairman Dennis Dollar said the current economic downturn had made a 1% return on assets an impossible standard.
The former NCUA official who has since gone into credit union consulting drew a chuckle from executives when he paraphrased a comment frequently offered by CUNA CEO Dan Mica. "My, what a good day it is to be the former head of the NCUA," Dollar said.
Dollar said the hits credit unions had taken to their capital and from increased charges from share insurance fund had made it almost impossible for many if not most credit unions to have a positive return on assets, this year and maybe next.
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"I think we may be into 2011 before we see this thing really start to turn around," Dollar said, and he noted that NCUA appeared to be adjusting its expectations of CUs. "They are having to face the cold, hard facts just like the rest of us," he noted.
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