MSIC COOPERAT MSIC COOPERATIVE COMMUNITY
AT-A-GLANCE as of September 30, 2022
Million Members
Billion in Total Assets
Member Credit Unions
73
$31.5
1.7
MSIC IS A TRUE COOPERATIVE. Founded in 1961, MSIC is the first deposit insurer in the nation for credit union members. Today, it is the fourth largest credit union cooperative in the world. During the fiscal year ended September 30, 2022, MSIC member institutions demonstrated solid growth and remained safe and sound. At that date 69 member institutions remained “well-capitalized” under the NCUA’s Prompt Corrective Action guidelines, while the other four remained “adequately capitalized.” During the year, total shares, excess shares and loans were all higher, while net charge offs and delinquent loan levels remained low. ROAA showed significant improvement as well, especially compared to the national credit union average.
MSIC member credit unions have successfully endured the ill effects of the pandemic and are well positioned for the challenges ahead relating to the potential for a national recession, significantly higher interest rates, and global economic and political instability. Increased interest rates and a significant slowing of the mortgage market over the past few months will pose the biggest challenges for MSIC members in the coming year. Interest rate risk will also likely be elevated as higher rates will dramatically increase the cost of funds. Member institutions will see increased competition for both deposits and loans and they must focus on their competitive capabilities and position in their respective markets in 2023 and beyond.
MSIC AND MEMBER CREDIT UNIONS’ AGGREGATE ASSETS As of September 30 ($ in Billions)
MSIC AND MEMBER CREDIT UNIONS’ AGGREGATE ASSETS YEAR-OVER-YEAR GROWTH RATE Fiscal Years Ended September 30
11.91%
$31.50
$30.50
$28.03
9.09%
$25.04
$23.34
7.18%
6.10%
3.07%
2018
2019
2020
2021
2022
2018
2019
2020
2021
2022
10
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