Seriously, if I had money, I would just do things like this. Screw committees and politics. Insert credit union everywhere they say potato and we have a darn near great national credit union campaign.
I’d send an invite for each league president to bring themselves and one credit union CEO to a shoot and they’d have a script not to far from this.
As I was neck deep in NCUA reports this week, I noticed a few interesting things about the state of delinquency in CU’s.
Not too surprising, but the state with the credit unions that have been the hardest hit by this recession has been Nevada. Nevada credit unions, on average, have a reportable DQ (accounts over 60 days late) of greater than 5%. For those not great at math, that means if you have a $100M CU, you have $5M in accounts that are currently 2 months or more late. Utah is on Nevada’s heels. And surprisingly, at least to me, Delaware is in the top ten states by DQ%.
Cutting the same numbers a different way, California is having a hell of a time with delinquency as well. Nearly $2B in overdue accounts. The 20 states in these two top tens are having real estate problems. Rather their credit union members are. So what are credit unions to do facing these types of numbers? California and Nevada both share the same league, the California and Nevada Credit Union Leagues. Is there an opportunity for the league to help out?
Oh, and don’t get down on CU’s. Banks have an average DQ rate of 7.03% for the 3rd quarter.
All information was computed using the 3rd quarter 2009 call report. The raw data can be found here.