Dave Colby of CUNA Mutual's Chief Economist stated that 2011 will be another challenging year for credit unions.
Accoring to Colby, "[t]he past two years were extremely challenging to CU leadership ... I am sorry to report that I believe 2011 will be just as challenging as 2009 and 2010."
While Colby believes that credit quality issues will become less of a drag on credit union performance, more premium assessments, regulatory costs and reduced non-spread revenue opportunities will adversely impact credit union performance in 2011.
He noted that the biggest challenge facing credit unions is growing loans, as consumers continue to deleverage.
Click here to read the Credit Union Trends Report.
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