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Friday, June 23, 2017

Citizens Community Credit Union, Devils Lake, North Dakota, Fails




Credit Union Failures 2017 continue with the National Credit Union Association seizing Citzens Community Credit Union, Devils Lake, North Dakota, on Friday, June 23, 2017. This is the seventh credit union failure of the year. Credit unions have now failed in Alabama, Florida, Georgia, Louisiana, Michigan, New York, and North Dakota.

The NCUA stated, "NCUA placed Citizens Community Credit Union into conservatorship because of unsafe and unsound practices at the credit union. While continuing normal member services, NCUA will work to resolve issues affecting the credit union’s operations."

#7 Citizens Community Credit Union, Devils Lake, North Dakota
* National Credit Union Association placed the credit union into conservatorship.
* Operations will continue under NCUA supervision.
* As of the most recent call report, Citizens Community Credit Union had approximately $201.3 million in total assets and 11,399 members.

Failed Credit Unions

The NCUA has closed 2 credit unions in 2017:

Closed and Liquidated
2 Valley State Credit Union of Saginaw, Michigan, 3-31-17.
1 Florida Conference AME Church Federal Credit Union of Tallahassee, Florida, 3-17-17.

The NCUA has placed 5 credit unions in conservatorship in 2017:

Placed In Conservatorship
5 Citizens Community Credit Union, Devils Lake, North Dakota, 6-23-17
4 Riverdale Credit Union, Selma, Alabama, 6-22-17
3 Community United Federal Credit Union, Waycross, Georgia,, 4-20-17
2 Shreveport Federal Credit Union, Shreveport, Louisiana, 4-13-17
1 Melrose Credit Union, Briarwood, New York, 2-10-17

NCUA Supervisory Actions

Riverdale Credit Union, Selma, Alabama Fails




Credit Union Failures 2017 continue with the National Credit Union Association and Alabama Credit Union Association seizing Riverdale Credit Union, Selma, Alabama, on Thursday, June 22, 2017. This is the sixth credit union failure of the year. Credit unions have now failed in Alabama, Florida, Georgia, Louisiana, Michigan, and New York.

The NCUA stated, "The Alabama Credit Union Administration and NCUA placed Riverdale into conservatorship because of unsafe and unsound practices at the credit union. While continuing normal member services, the agencies will work to resolve issues affecting the credit union’s safety and soundness."

#6 Riverdale Credit Union, Selma, Alabama
* National Credit Union Association placed the credit union into conservatorship.
* Operations will continue under NCUA supervision.
* As of the most recent call report, Riverdale Credit Union had approximately $76.2 million in total assets and 12,433 members.

Failed Credit Unions

The NCUA has closed 2 credit unions in 2017:

Closed and Liquidated
2 Valley State Credit Union of Saginaw, Michigan, 3-31-17.
1 Florida Conference AME Church Federal Credit Union of Tallahassee, Florida, 3-17-17.

The NCUA has placed 4 credit unions in conservatorship in 2017:

Placed In Conservatorship
4 Riverdale Credit Union, Selma, Alabama, 6-22-17
3 Community United Federal Credit Union, Waycross, Georgia,, 4-20-17
2 Shreveport Federal Credit Union, Shreveport, Louisiana, 4-13-17
1 Melrose Credit Union, Briarwood, New York, 2-10-17

NCUA Supervisory Actions

Tuesday, June 13, 2017

Small Business Optimism Index at Near Record Level

Small Business Optimism Index continued record streak in May


Small Business Optimism Continues Remarkable Surge

Small business confidence shot up to near record levels last November and is still flying high, according to the latest National Federation of Independent Business (NFIB) Index of Small Business Optimism.

“The remarkable surge in optimism that began last year right after the election shows no signs of slowing down” said NFIB President and CEO Juanita Duggan. “Small business owners are highly encouraged by the President’s regulatory reform agenda, and they remain optimistic there will be tax reform and health-care reform. This is a policy-driven phenomenon.”

The Index for May matched its strong performance in April of 104.5. That means the Index has been at a historically high level for six straight months. Five of the Index components posted a gain, four declined, and one remained unchanged.





NFIB Small Business Economic Trends Report, May 2017

NFIB Small Business Economic Trends Page

Thursday, June 8, 2017

Credit Unions Earn $9.4 Billion in First Quarter 2017







Selected Performance Indicators

  • Total assets in federally insured credit unions rose by $97 billion, or 7.8 percent, over the year to $1.34 trillion in the first quarter of 2017.
  • Total loans outstanding increased $85 billion, or 10.6 percent, over the year to $884.6 billion.
  • The average outstanding loan balance in the first quarter of 2017 was $14,497, up $674, or 4.9 percent, from one year earlier.
  • The delinquency rate at federally insured credit unions was 69 basis points in the first quarter of 2017, little changed from 71 basis points one year earlier.
  • The net charge-off ratio was 58 basis points, up from 52 basis points in the first quarter of 2016.
  • Insured shares and deposits rose $78 billion, or 7.8 percent, over the four quarters ending in the first quarter of 2017 to $1.1 trillion.
  • The loans-to-shares ratio stood at 77.7 percent in the first quarter of 2017, up from 76.1 percent in the first quarter of 2016.
  • The credit union system’s net worth ratio was 10.70 percent in the first quarter of 2017, compared with 10.78 percent one year earlier.
  • Net income totaled $9.4 billion at an annual rate in the first quarter of 2017, up $0.2 billion, or 2.6 percent, from the same period a year ago.
  • The net interest margin for federally insured credit unions was $38.0 billion in the first quarter of 2017, or 2.9 percent of average assets.
  • The return on average assets for federally insured credit unions was 71 basis points for the first quarter of 2017, little changed from 75 basis points in the first quarter of 2016. The median return on average assets across all federally insured credit unions was 33 basis points, unchanged from the first quarter of 2016.
  • The number of federally insured credit unions declined to 5,737 in the first quarter of 2017 from 5,954 in the first quarter of 2016. In the first quarter of 2017, there were 3,584 federal credit unions and 2,153 federally insured, state chartered credit unions. The year-over-year decline is consistent with long-running industry trends.
  • The number of credit unions with a low-income designation rose to 2,518 in the first quarter of 2017 from 2,348 one year earlier.
  • Federally insured credit unions added 4.3 million members over the year, and credit union membership in these institutions reached 108.0 million in the first quarter of 2017.


  • About the NCUA

    NCUA is the independent federal agency created by the U.S. Congress to regulate, charter and supervise federal credit unions. With the backing of the full faith and credit of the United States, NCUA operates and manages the National Credit Union Share Insurance Fund, insuring the deposits of account holders in all federal credit unions and the overwhelming majority of state-chartered credit unions. At MyCreditUnion.gov, NCUA also educates the public on consumer protection and financial literacy issues.


    NCUA Releases Q1 2017 Credit Union System Performance Data

Friday, June 2, 2017

May Employment Report: +138,000 Nonfarm Jobs, 4.3% Unemployment Rate




THE EMPLOYMENT SITUATION -- MAY 2017

Total nonfarm payroll employment increased by 138,000 in May, and the unemployment rate was little changed at 4.3 percent, the U.S. Bureau of Labor Statistics reported today. Job gains occurred in health care and mining.

Household Survey Data

The unemployment rate, at 4.3 percent, and the number of unemployed persons, at 6.9 million, changed little in May. Since January, the unemployment rate has declined by 0.5 percentage point, and the number of unemployed has decreased by 774,000

Establishment Survey Data

Total nonfarm payroll employment increased by 138,000 in May, compared with an average monthly gain of 181,000 over the prior 12 months. In May, job gains occurred in health care and mining.




BLS Employment Situation Summary

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