A few more credit unions this year than last appear to have sold their credit card portfolios and entered into agent issuing agreements with their purchasers, but the pace remained well where it was between 2004 and 2007.
According to Tim Kolk, a credit union card industry analyst and founder of TRK Advisers, NCUA third quarter data shows that seven credit unions with card portfolios of over $1 million finished selling their card portfolios between July and September. Year to date, according to Kolk, 17 credit unions have sold their portfolios.
Asset Exchange, the CU card brokerage and consultancy, released an analysis of NCUA third quarter data but declined to comment on CU card portfolio sales citing difficulty verifying data due to the Thanksgiving holiday.
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Asset Exchange reported that, according to its analysis, credit unions with card assets of over $1 million continued to grow at the same pace as they had in the second quarter, but that their percentage of their credit unions overall assets dropped because the CU's other assets grew faster. According to Asset Exchange, CU card portfolios of over $1 million grew at 6.2% over the third quarter but the overall assets of those credit unions grew at 10.1% over the same period.
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