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90% Of Credit Union Card Portfolios That Sold Shrank Before Doing So

PORTLAND, Ore. - Ninety percent of the 43 credit union portfolios that have sold so far this year shrank before they were sold, according to research conducted by the Portland based card brokerage firm Asset Exchange. The firm is the leading independent broker of credit union card portfolios in the...

By David Morrison | Updated on December 09, 2003

PORTLAND, Ore. – Ninety percent of the 43 credit union portfolios that have sold so far this year shrank before they were sold, according to research conducted by the Portland based card brokerage firm Asset Exchange. The firm is the leading independent broker of credit union card portfolios in the U.S. The firm also found in its observation of industry sales and reviewing NCUA data that 63% of credit union credit card portfolios were smaller in September 2003 than in September 2002, continuing the recent trend. Asset Exchange’s research also found that the percentage of credit union members that have their credit union’s card has been gradually declining, along with the percentage of credit union assets represented by credit card outstanding balances. Since December 2001, CU credit card outstanding balances have shrunk 5% while total CU assets have grown 39%, the firm said. -

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