Newsroom
August 27, 2014
Long: Lower credit card delinquency rates good for CUs
Aug. 28, 2014 – In a radio interview with Washington-based Marketplace, NAFCU Chief Economist and Director of Research Curt Long discussed why TransUnion's report on the falling credit card delinquency rate is good for credit unions.
"We think this is a positive trend for credit unions," Long said in an interview with senior reporter Nancy Marshall-Genzer. TransUnion reported Tuesday that the 90-day credit card delinquency rate has fallen by about half since 2007 – and is now at a seven-year low.
Even though more consumers are paying their credit card bills on time, Long said banks and credit unions still make money if consumers carry a balance on their credit cards. He said credit card delinquencies can turn into charge-offs, which are never paid back.
"Thankfully we've seen charge-offs decline as well," he said. "Fewer of those loans are going bad."
Marketplace is part of American Public Media. Long's interview was picked up by public radio stations across the nation, including, among others, Southern California, Nevada, Chicago and Boston.
"We think this is a positive trend for credit unions," Long said in an interview with senior reporter Nancy Marshall-Genzer. TransUnion reported Tuesday that the 90-day credit card delinquency rate has fallen by about half since 2007 – and is now at a seven-year low.
Even though more consumers are paying their credit card bills on time, Long said banks and credit unions still make money if consumers carry a balance on their credit cards. He said credit card delinquencies can turn into charge-offs, which are never paid back.
"Thankfully we've seen charge-offs decline as well," he said. "Fewer of those loans are going bad."
Marketplace is part of American Public Media. Long's interview was picked up by public radio stations across the nation, including, among others, Southern California, Nevada, Chicago and Boston.
Share This
Related Resources
Add to Calendar 2024-06-26 14:00:00 2024-06-26 14:00:00 Gallagher Executive Compensation and Benefits Survey About the Webinar The webinar will share trends in executive pay increases, annual bonuses, and nonqualified benefit plans. Learn how to use the data charts as well as make this data actionable in order to improve your retention strategy. You’ll hear directly from the survey project manager on how to maximize the data points to gain a competitive edge in the market. Key findings on: Total compensation by asset size Nonqualified benefit plans Bonus targets and metrics Prerequisites Demographics Board expenses Watch On-Demand Web NAFCU digital@nafcu.org America/New_York public
Gallagher Executive Compensation and Benefits Survey
preferred partner
Gallagher
Webinar
Add to Calendar 2024-06-21 09:00:00 2024-06-21 09:00:00 The Evolving Role of the CISO in Credit Unions Listen On: Key Takeaways: [01:30] Being able to properly implement risk management decisions, especially in the cyber age we live in, is incredibly important so CISOs have a lot of challenges here. [02:27] Having a leader who can really communicate cyber risks and understand how ready that institution is to deal with cyber events is incredibly important. [05:36] We need to be talking about risk openly. We need to be documenting and really understanding what remediating risk looks like and how you do that strategically. [16:38] Governance, risk, compliance, and adherence to regulatory controls are all being looked at much more closely. You are also seeing other technology that is coming into the fold directly responsible for helping CISOs navigate those waters. [18:28] The reaction from the governing bodies is directly related to the needs of the position. They’re trying to help make sure that we are positioned in a way that gets us the most possibility of success, maturing our postures and protecting the institutions. Web NAFCU digital@nafcu.org America/New_York public
The Evolving Role of the CISO in Credit Unions
preferred partner
DefenseStorm
Podcast
AI in Action: Redefining Disaster Preparedness and Financial Security
Strategy
preferred partner
Allied Solutions
Blog Post
Get daily updates.
Subscribe to NAFCU today.