Credit union card portfolios continued the improved performance they have demonstrated in the last several years in 2009, and the card portfolio sales continued their slow pace as the volumes of card assets that changed hands rose a bit.
But the numbers of credit unions said to be reviewing their card portfolios for possible sales are reported to be higher than last year, and it's unclear whether the slower sales can be attributed to credit unions' reluctance to sell or a reluctance on the part of purchasers, mostly banks, to buy.
Asset Exchange, a CU card consultancy and card portfolio broker, reported that its analysis of NCUA data showed that card assets among the roughly 2,100 credit unions with card portfolios of more than $1 million grew at 6.5% over 2009, reaching a total of $35 billion by the end of the year. By comparison, total assets at these credit unions grew at an annual rate of 9.7% over the same period, the brokerage reported.
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