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Matz Tells Lawmakers CUs Face More Rough Times; NASCUS' Candon Also Concerned

Although the economy is expected to improve, credit unions still face several years of difficulties as a result of the residual effect of the recession, NCUA Chairman Debbie Matz said in testimony prepared for delivery to a Senate subcommittee.

By Claude R. Marx | Updated on October 13, 2009

Although the economy is expected to improve, credit unions still face several years of difficulties as a result of the residual effect of the recession, NCUA Chairman Debbie Matz said in testimony prepared for delivery to a Senate subcommittee.

The number of troubled credit unions will probably increase through at least part of 2011, she noted. Matz said that as of Sept.30 there were 66 credit unions with assets over $100 million with a CAMEL 4 or 5 rating, compared to 12 in 2007. Overall, there are 326 such credit unions, representing 4.9% of all credit union assets.

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