Thursday, March 23, 2017

1,118 Credit Unions Reported A Loss for 2016

At the end of 2016, 1,118 credit unions reported a loss. This means 19.3 percent of all credit unions were unprofitable for the full year of 2016.

Forty-nine credit unions reported losses in excess of $1 million for all of 2016.

It should not come as a surprise that the three credit unions with the largest losses were the three large New York City taxi medallion lending credit unions -- Melrose, Progressive, and LOMTO.

The following table lists the 10 credit unions with the largest losses for 2016.


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2 comments:

  1. AnonymousMarch 23, 2017 at 9:00 AM

    If call reports were modestly useful and transparent, we would know more, including how many of these credit unions participated with progressive on taxi loans.
    We cannot say for certain, right dr. Leggett?

    ReplyDelete
  2. Keith LeggettMarch 23, 2017 at 10:52 AM

    The Call Report will not identify credit unions that participated on taxi medallion loans.


    ReplyDelete