Overall, credit unions had a great 2022, and their problems as the year ended were the kind that would seem to suggest a booming economy.
Yes, the Fed's aggressive interest rate hikes eroded loan production, but portfolios still grew at record rates and net interest income surged as credit unions raised loan rates at a faster rate than savings rates.
And the drop in originations – at least through 2022's fourth quarter – has only returned credit unions to where they were at the end of 2019, before the COVID-19 pandemic began.
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