All reports
28 reports
Breakdowns · Q2 2026
The Funding Gap — Q2 2026
Loans grew about ten times faster than shares in Q2 2026, as they did in every second quarter since 2023. Over the full year shares outgrew loans, borrowings fell 12% and the margin widened, so we read the gap as seasonal rather than a funding squeeze.
Revised Liquidity and fundingLoan growthEarnings Licensed
Breakdowns · Q2 2026
The Delinquency Moved — Q2 2026
Card and vehicle delinquency stopped rising two years ago, and the whole net increase in the system's delinquent loans since then is secured by real estate. Almost nothing has been charged off on those loans, so the charge-off rate has held while delinquency rose.
Revised Credit qualityProvisioningLoan growth Licensed
Breakdowns · Q2 2026
The Terms Changed — Q2 2026
The fixed-rate mortgage book is the size it was four years ago, and almost all first-lien growth since is in loans whose rate is not fixed for their term. Certificates are now the largest kind of deposit, a rising share of deposits is above the insurance limit, and loans to borrowers in bankruptcy keep rising.
Revised Loan growthLiquidity and fundingCredit quality Licensed
Breakdowns · Q2 2026
Where the Losses Are — Q2 2026
Commercial real estate is the one real estate book on which credit unions are taking losses, and three-quarters of them are on non-owner-occupied property at a few dozen institutions. Delinquency, meanwhile, is spreading to the other kinds of property.
Revised Credit qualitySize cohortsLoan growth Licensed
Signals · Q2 2026
System Signals — Q2 2026
Loan growth picked up, mostly in real estate lending, and delinquency is higher than a year ago, with none of the increase in cards or vehicles, while the reserve build has stopped. The second quarter had the widest margin in the series, and the smallest credit unions still earn less than a year ago.
Revised Watch Credit qualityEarningsLiquidity and funding Licensed
Pulse · Q2 2026
The Ledger — Q2 2026
System-wide CAMELS metrics for the quarter ending June 30, 2026. Annualized half-year income figures, cohort breakouts, and trend data across capital, asset quality, earnings, growth, and liquidity.
Revised EarningsCredit qualityCapital
Board Digest · April 2026
Board Meeting Digest — April 2026
The NCUA's April 2026 board meeting held to one theme, that what is permissible needs no permission: the Board reviewed an FAQ confirming credit unions may use reciprocal deposit networks, a deregulation project at 29 proposed rules and 239 comment letters since December, and the 2026-2030 strategic plan with the 2026 annual performance plan. More than one in five NCUA employees took a buyout, and the Share Insurance Fund's equity ratio held at 1.30%.
Board Digest · June 2026
Board Meeting Digest — June 2026
Four final rules now have effective dates, from interchange-fee preemption to a reputation-risk ban, and the deregulation project stands at 31 proposals. The first-quarter Share Insurance Fund report showed net income of $105.3 million and an equity ratio projected to ease to 1.27%, and the mid-year budget showed operating fees down 24.7%.
Board Digest · January 2026
Board Meeting Digest — January 2026
The NCUA's first 2026 board meeting advanced a proposed rule letting federal credit unions reimburse volunteer officials for dependent care, and approved a Central Liquidity Facility budget 12% below 2025. The deregulation project has produced 12 proposed rules since December, and CLF membership keeps growing toward a $400 billion backstop.
Signals · Q1 2026
System Signals — Q1 2026
The first-quarter delinquency low came in above last year's, meeting the test the Q4 report set for a structural ratchet, and a seasonal deposit inflow met stalled loan demand. Margins reached a fresh high while the smallest credit unions earned almost nothing.
Revised Watch Credit qualityNet interest marginLiquidity and funding Licensed
Breakdowns · Q1 2026
The Cohort Earnings Divergence — Q1 2026
Credit unions under $100 million earn the system's second-widest margin and take its lowest credit losses, yet barely break even. We read the gap as scale, and their shrinking loan books move them further from it.
Revised Size cohortsEarningsLoan growth Licensed
Pulse · Q1 2026
The Ledger — Q1 2026
System-wide CAMELS metrics for the quarter ending March 31, 2026. Annualized Q1 income figures, cohort breakouts, and trend data across capital, asset quality, earnings, growth, and liquidity.
Revised EarningsCredit qualityCapital
Breakdowns · Q4 2025
The Provision Lag — Q4 2025
Delinquency crossed 1% in Q4 2025 while charge-offs and provisioning stayed flat. The gap did not inflate 2025's earnings, and we expect it to carry credit cost into 2026.
Revised ProvisioningCredit qualityEarnings Licensed
Board Digest · December 2025
Board Meeting Digest — December 2025
The NCUA's final 2025 meeting launched a deregulation project and approved a 2026 budget 20% below 2025 that cuts operating fees about 25%, while the Share Insurance Fund reported third-quarter net income of $100.4 million. Chairman Hauptman named auto lending the system's scariest asset class.
Signals · Q4 2025
System Signals — Q4 2025
Delinquency breaches 1% for the first time and NIM expansion slows to a crawl, while earnings hold up as the margin outruns provisioning. We read the credit cost of that delinquency as still to come, once the loans convert to losses.
Revised Watch Credit qualityNet interest marginEarnings Licensed
Pulse · Q4 2025
The Ledger — Q4 2025
System-wide CAMELS metrics for the quarter ending December 31, 2025. Full-year income figures, cohort breakouts, and trend data across capital, asset quality, earnings, growth, and liquidity.
Revised EarningsCredit qualityCapital
Breakdowns · Q3 2025
The Size Divide — Q3 2025
Credit unions above $10 billion tie for the system's highest return on assets and carry its highest delinquency and charge-offs, a split that has widened through this credit cycle. We read it as a loan mix weighted to consumer credit, and it concentrates credit risk where the Share Insurance Fund is most exposed.
Revised Size cohortsCredit qualityEarnings Licensed
Board Digest · July 2025
Board Meeting Digest — July 2025
At a briefing-only meeting of the full three-member board, staff confirmed that credit unions may use AI without special NCUA approval, and the ombudsman's post-exam survey found 41% of participating credit unions disagreeing that duplicate data requests are avoided. The Central Liquidity Facility repeated its case for arranging contingent liquidity before it is needed.
Board Digest · September 2025
Board Meeting Digest — September 2025
September's only agenda item, the second-quarter Share Insurance Fund review, reported a 1.28% equity ratio and net income of $82 million, with four credit union failures costing the fund $17 million. The agency's workforce is down about 20%, and a new strategic plan is in the works.
Signals · Q3 2025
System Signals — Q3 2025
Delinquency reaches 0.95%, one quarter from breaching 1% at its current pace. NIM's recovery stalls near its high, while earnings keep improving as the margin outruns provisioning.
Revised Watch Credit qualityNet interest marginEarnings Licensed
Pulse · Q3 2025
The Ledger — Q3 2025
System-wide CAMELS metrics for the quarter ending September 30, 2025. Annualized nine-month income figures, cohort breakouts, and trend data across capital, asset quality, earnings, growth, and liquidity.
Revised EarningsCredit qualityCapital
Breakdowns · Q2 2025
The Funding Gap — Q2 2025
Loans grew more than twenty times as fast as shares and deposits in Q2 2025, reopening the funding gap that the first quarter's seasonal surge had closed. Borrowings rose for the first time in over a year, and we read the paydown of wholesale funding as near its floor.
Revised Liquidity and fundingLoan growth Licensed
Board Digest · May 2025
Board Meeting Digest — May 2025
A voluntary separation program will cut the NCUA's headcount by about 20%, and the agency is lengthening exam cycles for well-run credit unions. The first-quarter Share Insurance Fund review reported net income of $79.8 million and a 1.30% equity ratio, and the board met with a single member.
Signals · Q2 2025
System Signals — Q2 2025
Delinquency rebounds past the seasonal dip, and every second-quarter reading since 2023 has been higher than the last. Loan growth reaccelerates while deposits flatten, and we read the funding gap that closed in Q1 as reopening.
Revised Pressure Credit qualityNet interest marginEarnings Licensed
Pulse · Q2 2025
The Ledger — Q2 2025
System-wide CAMELS metrics for the quarter ending June 30, 2025. Annualized half-year income figures, cohort breakouts, and trend data across capital, asset quality, earnings, growth, and liquidity.
Revised EarningsCredit qualityCapital
Board Digest · February 2025
Board Meeting Digest — February 2025
Chairman Hauptman's first meeting, held amid upheaval in the federal workforce. The Share Insurance Fund ended 2024 at a 1.30% equity ratio with a clean audit, while the number of credit unions above $500 million rated CAMELS 4 or 5 rose from two to nine.
Signals · Q1 2025
System Signals — Q1 2025
The first-quarter delinquency low is above last year's, so the seasonal dip no longer marks an improving credit trend. NIM rose for a fifth straight quarter, but ROAA was flat as lower fee income and higher operating expense absorbed the gain.
Revised Watch Credit qualityNet interest marginEarnings Licensed
Pulse · Q1 2025
The Ledger — Q1 2025
System-wide CAMELS metrics for the quarter ending March 31, 2025. Annualized Q1 income figures, cohort breakouts, and trend data across capital, asset quality, earnings, growth, and liquidity.
Revised EarningsCredit qualityCapital