Ahem! A tutorial on accurate statistics.
✅ One concern which we will be looking at shortly is whether or not the SECU Board is receiving complete, balanced data on what is occurring with the SECU lending portfolio...
"FYI,
your comment about 11 consecutive quarters of charge-offs is false.
Reported charge-offs declined from the prior quarter in 3Q 23, 4Q 23, 1Q
24 and 2Q 24. 4 of 5 last quarters have seen a decline."
"Odd
to highlight that anyway. One would expect the dollar amount of
charge-offs to grow consistently as the loan portfolio grows in size.
Growth in charge-offs dollars by itself is not a concern - especially
when the loss ratio is dropping." [Under "New/New" loans are up @37%, while loan losses are up 300% over same period. Hope that's not SECU's definition of "consistency"!]
✅ In case you can't make out the official NCUA #s below, here is the actual charge-off record: Baseline: Dec, 2021 - .20%; 1) Mar, 2022 - .21%; 2) June, 2022 - .26%; 3) Sept, 2022 - .28%; 4) Dec, 2022 - .35%; 5) Mar, 2023 - .44%; 6) June, 2023 - .47%; 7) Sept, 2023 - .51%; 8) Dec, 2023 - .62%; 9) Mar, 2024 - .69%; 10) June, 2024 - .72%; 11) Sept, 2024 - .76% ... according to NCUA that's 11 quarters in a row.
😎 If you aren't receiving accurate information, it is difficult to make sound decisions.
Perhaps NCUA is in error? Never happened before, but an error by NCUA could be possible... even if they say not!
There are three kinds of lies: lies, damned lies, and statistics.
ReplyDeleteThe "insider" that's been so vocal lately has no credibility when he/she posts clearly false data. Shame on you for lying.
ReplyDeleteDoes make you wonder if the Board is getting "hoo-dood" with falsehoods.
Where does NCUA get its numbers? Why from SECU, of course! Required by law to report them. This is direct from the call report that SECU makes to NCUA. Officially sanctioned and valid numbers from SECU.
ReplyDeleteNo need to worry - there won't be 12 straight quarters of increase in the rolling 12 mo loss rate.
ReplyDelete2:23pm Its not the "ratio" that members should worry about. It's the @ quarter billion $$$ bucks in loan losses the new/new "so what mentality" has foisted on the members.
DeleteLarger loan losses (up 300%!) means the "new/new" is making more poor decisions, more bad loans. As easy as that !
In a statement in for race based lending
ReplyDeletehttps://www.yahoo.com/news/federal-rule-remove-medical-debt-100732080.html
Of course it doesn’t address the late payments on other loans because your spouse got cancer.
Maybe it just proves “A paper” people
make better choices in spouse or have the right co-signer and deserve lower rates?
RBL is classist. It’s the opposite of equality
Delete