NAFCU presented a generally favorable report on the health of credit unions during its meeting with leaders of the Federal Reserve Board.
"While credit unions never stopped ending and loan growth continues to be negatively impacted by the ongoing financial turmoil and regulatory burdens, loan quality remains far higher than that of other financial institutions. Credit unions' financial soundness and profitability have been steadily improving, in recent years as well,'' according to the report submitted at the meeting on Thursday.
The trade association backed up its conclusions with data indicating that there were improvements in return on average assets, asset growth and net income, during the first half of this year.
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