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CCUA Largest 100 Credit Unions
January 30, 2018
4:47 pm
Loonie
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Lots of fascinating numbers to ponder there! thx.
Too bad they didn't break down out-of-province personal memberships and affiliated personal memberships. That would be interesting to know.

January 30, 2018
6:11 pm
Wayno
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Yatti420, Thanks for the great post!

March 25, 2019
9:56 am
hwyc
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I visited the Facts and Figures posted on CCUA.com today.
From the Quarterly National System Results, all numbers are growing, in general. However, I noticed since 2Q 2018 there is more loans than deposits.
Does it mean the CUs will have to keep rate up to attract more deposits ? What is your take ?

$ Billions
Assets Loans Deposits
3QTR16 $200.880 167.819 172.434
4QTR16 $202.503 169.683 173.687
1QTR17 $205.307 172.080 176.048
2QTR17 $209.560 175.864 179.049
3QTR17 $213.349 180.358 181.714
4QTR17 $216.253 183.932 184.113
1QTR18 $220.007 186.583 186.758
2QTR18 $225.240 191.071 190.697
3QTR18 $229.650 194.968 193.941
4QTR18 $232.561 197.997 196.763
March 25, 2019
10:05 am
Doug
British Columbia, Canada
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hwyc said
I visited the Facts and Figures today.
From the Quarterly National System Results, all numbers are growing, in general. However, I noticed since 2Q 2018 there is more loans than deposits.
Does it mean the CUs will have to keep rate up to attract more deposits ? What is your take ?

$ Billions
Assets Loans Deposits
3QTR16 $200.880 167.819 172.434
4QTR16 $202.503 169.683 173.687
1QTR17 $205.307 172.080 176.048
2QTR17 $209.560 175.864 179.049
3QTR17 $213.349 180.358 181.714
4QTR17 $216.253 183.932 184.113
1QTR18 $220.007 186.583 186.758
2QTR18 $225.240 191.071 190.697
3QTR18 $229.650 194.968 193.941
4QTR18 $232.561 197.997 196.763

  

That's common for CU loans to be slightly more, or less, than the deposits. Also consider that some of those loans are securitized off balance sheet. Likewise, CUs do use other forms of funding besides deposits. So it's not easy to say that that's the reason their deposit rates will be higher than banks. It usually has more to do with the fact that it's (a) more difficult and (b) more expensive for CUs to access capital markets (i.e., the bond market) than it is for banks. CU debt is, generally, rated lower than the major Canadian banks and thus their cost of funding higher than it is for banks. Also, they have to go, usually, through their credit union intermediaries for access to the bond markets. So, that's why they'll always go with the more traditional deposit route. sf-cool

In short, I expect the deposit/loan spread to contract a bit, particularly as the CUs and banks cut loan rates (and resume decreasing the deposit rates at modestly higher rates of decrease than the rates of decrease on loan rates), but still expect the CU deposit rates to be higher than the major banks, on average. Scotiabank, I expect, will continue to offer the highest GIC rates of the "Big 5" due to their need for capital having gone on an absolute acquisition binge last year and their Tangerine deposits finally starting to drop noticeably (~$5 billion) last year. TDCT will likely continue to offer the lowest deposit rates, followed by RBC, at or around 1% on a 3-5-year GIC.

Cheers,
Doug

March 25, 2019
11:18 pm
Bud
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Thanx doogie

March 26, 2019
5:46 am
NorthernRaven
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Loonie said
Lots of fascinating numbers to ponder there! thx.
Too bad they didn't break down out-of-province personal memberships and affiliated personal memberships. That would be interesting to know.  

There's a guy who compiles annual reports of all the information on Canadian credit unions that they release. But I don't think out-of-province membership numbers are available. For most provinces I don't think soliciting out-of-province members is allowed, and where it is done (online divisions in Manitoba and more recently Ontario), they'd probably keep those number private for competitive reasons.

March 26, 2019
6:25 am
Loonie
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that's an interesting undertaking, NorthernRaven, but it seems to be far from comprehensive, unless you want to pay him $600. I'm sure it's a lot of work, but who would want to pay that much for it, I wonder?

March 26, 2019
6:37 am
Yatti420
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600$ for opinion work? lol CCUA might not like that much lol

March 26, 2019
7:03 am
NorthernRaven
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Loonie said
that's an interesting undertaking, NorthernRaven, but it seems to be far from comprehensive, unless you want to pay him $600. I'm sure it's a lot of work, but who would want to pay that much for it, I wonder?  

It was only the most recent report that was charged for (or other stuff, I think). The older ones are freely downloadable on that page, for instance the 2016 report (PDF). I don't know if he is still producing these or not.

March 26, 2019
7:47 am
hwyc
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NorthernRaven said

It was only the most recent report that was charged for (or other stuff, I think). The older ones are freely downloadable on that page, for instance the 2016 report (PDF). I don't know if he is still producing these or not.  

I am confused.

I thought these particular reports are publicly (& freely) available on CCUA.com
Yatti420 brought to the forum in Jan 2018.
I am able follow his link and access up to Q4 2018, make an observation, & then seek for opinions.

BTW - Thanks Doug, I valued your entry.

March 26, 2019
8:27 am
NorthernRaven
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hwyc said

I am confused.

I thought these particular reports are publicly (& freely) available on CCUA.com
Yatti420 brought to the forum in Jan 2018.
I am able follow his link and access up to Q4 2018, make an observation, & then seek for opinions.
  

The CCUA stuff that Yatti420 linked to is by the Canadian Credit Union Assocation, the trade group. They do things like that Top 100 list, by assets, membership, etc.

The annual reports on the canadiancreditunion.ca site are by a private individual, who compiles detailed tables and analysis from the public reports of the CUs. Each year's report was charged for when originally released, but is posted for free when the next year's report comes out.

March 26, 2019
7:42 pm
Loonie
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Thanks for the extra link, NorthernRaven. For some reason, I couldn't find it myself.
The URL suggests it may have been posted April 2018, so perhaps there will be another one next month for 2017.

October 9, 2019
5:55 am
hwyc
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CCUA *Largest 100 CUs* 2019 Q2 report is now available on their website, under Facts & Figures.

October 9, 2019
6:33 pm
Doug
British Columbia, Canada
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hwyc said
CCUA *Largest 100 CUs* 2019 Q2 report is now available on their website, under Facts & Figures.  

Thanks, hwyc. I'm looking forward to 2020 Q2 report due out this time next year when fully 25-30 provincially-regulated credit unions and included caisses populaires will have amalgamated and this, in turn, will mean that 25-30 previously-excluded small credit unions with under $325 million in assets will now be included in the report. 🙂

Of note, I expect Alterna Savings to drop off the top 10 and Meridian Credit Union to drop out of the top 3 or even the top 4, due to pending mergers that will be consummated. 😉

Cheers,
Doug

October 10, 2020
9:05 am
hwyc
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... ICYMI 2020 Q2 reports are out. ... some pastime during this COVID-19 altered Thanksgivng ... stay safe

October 11, 2020
5:09 am
Loonie
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It's interesting how the largest CUs are the ones that generally offer the worst deposit rates and/or don't offer decent Specials. They also often spend a lot of money creating banks and/or going Federal rather than returning it to owners. In the case of Meridian at least, a lot goes into opening more physical branches, an activity at which they seem to outshine all the others, for better or worse. They also spend a substantial amount on sponsorships.

The spending activities of the large CUs appear to dull our $ returns but they probably serve to extend the credit union movement and thus support the viability of all CUs. At least I hope they do.

There is a lot of variety in how CUs choose to allocate their profits.

I belong to some small ones and some large ones, but, when all is added up, I have more money in the small ones that are not in the top 100, where I have gotten better deals.

October 11, 2020
6:04 am
Nehpets
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Loonie said
It's interesting how the largest CUs are the ones that generally offer the worst deposit rates and/or don't offer decent Specials. .....spend a lot of money creating banks .....Meridian ...opening more physical branches.....I have more money in the small ones that are not in the top 100, where I have gotten better deals.  

Consistent with my experience and observations, Loonie!

The larger institutions seem to adopt the strategies of the Big Six, where visibility tends to instill customer confidence and encourages laziness to explore better options.

Most consumers have never heard of some of the smaller players in banking, content with the mistaken assumption of having to accept what the big FI's provide.

High visibility (numerous branches) and name recognition (advertising and sponsorship) are two vital marketing strategies, that might explain the actions of Meridian and the like.

In order for the smaller institutions to attract funds (except in today's climate) is to offer better than average incentives.

Stephen

October 11, 2020
11:30 am
Norman1
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One can't have the cake and eat it too!

More specifically, one cannot top up the deposit rates or cut service fees if one has spent that profit on sports team sponsorships.

Credit unions are not subject to regular corporate taxes right now. If credit unions can now spend major amounts of money on stadium naming and sponsoring sports teams, then may be it is time credit unions start paying regular corporate taxes like their other competitors do!

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