Annual net income at credit unions declined 3.8% in 2013 to $8.14 billion from the previous year, according to the Financial Stability Oversight Council's annual report released Wednesday.
"A key concern for the industry is ongoing challenges related to the low interest rate environment and the eventual transition process to a higher rate environment, potentially with a flatter yield curve," the report said.
According to the report, although interest rate sensitive deposits have continued to decline as a share of total liabilities, they remain well above pre-crisis levels. The share of money market accounts and individual retirement accounts has continued to increase.
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