CHICAGO – While credit unions face a myriad of challenges, by working hard and smart they can emerge stronger.
That was the message of NCUA Board Members Gigi Hyland and Michael Fryzel during their speeches today at NAFCU's Annual Conference.
Hyland said declining net worth ratios and increases in member business loan losses are among the trends causing the agency great concern. She also said the costs of dealing with corporate credit unions' legacy assets will pose more challenges to the industry's financial health.
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