Credit cards continued to be solid assets for credit unions in the second quarter of 2009 and about three credit unions sold their credit card portfolios to agent bank issuers, according to an analysis of NCUA data.
Asset Exchange, a leading broker of CU credit card portfolios and card consultancy owned by Fidelity National Information Services, reported that its analysis of credit union data showed that the three card portfolios represented $4.5 million in outstanding balances that were purchased for the quarter ending June 30. This was down from the roughly $20 million in balances that were purchased in the second quarter of 2008 and the $190 million last quarter.
The firm's analysis only includes credit unions with card portfolios worth more than $1 million in outstanding balances.
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