... just beyond belief?
From yesterday's comments: "The financial summary for members on the website** shows 3-month delinquency, but you use 60 day which is way higher this year than what ELT [Executive Leadership Team] is reporting to members, which is only a little higher. Do you know why they use 3 month instead of 60 day? has that changed?"
** From website [link]
❋ 3+ month delinquency: May, 2023 0.81% May, 2024 1.04% +0.23% higher
✅ The federal financial regulators, including the National Credit Union Administration (NCUA), use 60-day delinquency as the reporting "benchmark". Not sure why SECU has chosen to focus on 3+ months (90 days)? Credit unions are required by regulators to charge off many categories of loans after 60 days; so you would generally expect 90 day+ delinquency to be lower than 60+ days.
😎 Here are the actual delinquency figures from the Federal Call Report: March, 2023 compared to March, 2024:
- 60+ days total delinquency: March, 2023 $294 million
❋ Further broken down as follows:
- 60-89 days: March, 2023 $46 million March, 2024 $323 million
- 90-179 days: March, 2023 $171 million March, 2024 $243 million
- 180-360 days: March, 2023 $63 million March, 2024 $113 million
- >360 days: March, 2023 $14 million March, 2024 $21 million
... hard to spin reality! Hope the SECU Board is receiving factual data from staff... it's not debatable, nor funny... nor just a "little higher". 