The nation's 10 largest credit unions had better earnings in the second quarter than the first quarter, but they were lower than a year earlier even after removing wild swings in loan loss provisions, a CU Times analysis showed.
The analysis also showed loan production stalling. The Top 10 generated $41.9 billion in loans in the three months that ended June 30, up slightly from the first quarter's $41.4 billion but down 12% from a year earlier.
"The loan origination figures are noteworthy," credit union consultant Mike Higgins said. "That's the canary in the coalmine for economic activity."
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