WASHINGTON — They weren't wearing black hats, but when NCUA Chairman Debbie Matz and NASCUS Chairman Thomas Candon appeared before a Senate subcommittee last Wednesday, they had mostly bad news to convey.
Even though the economy may be recovering, credit unions still face several years of difficulties as a result of the residual effect of the recession.
Matz told lawmakers it is a "challenging time for financial institutions, including credit unions," and in a written statement predicted that the number of troubled credit unions will probably increase through at least part of 2011. She said that as of Sept. 30 there were 66 credit unions with assets over $100 million with a CAMEL 4 or 5 rating, compared to 12 in 2007. Overall, there are 326 such credit unions, representing 4.9% of all credit union assets.
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