Glatt Consulting Weekly: Stabilizing Health vs. Structural Challenges

This week, I'm analyzing the newly released Q4 2025 CU HealthScore data. The numbers reveal stabilizing industry health driven by strong capital, but stagnant membership and loan growth pose significant structural challenges for the future.

We are seeing a "tale of two balance sheets" emerge. Credit unions are successfully defending their current financial positions, but they may be trading away future franchise value to do so.

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Q4 2025 CU HealthScore: Industry Health Stabilizes, But Structural Growth Challenges Remain

After two consecutive years of declining overall health, the credit union industry is showing clear signs of turning the corner. According to the Q4 2025 CU HealthScore data, the industry's overall health has stabilized year-over-year, driven by record capital reserves and a stabilizing risk environment.

However, when we strip away seasonal noise and measure current performance against our 20-year historical baseline (where a score of 5.0 represents the industry average), a more complex picture emerges.

While the bleeding in asset quality has slowed and capital levels are hitting historic highs, the most concerning long-term indicator is Membership Growth. The component score slipped to 2.05 in Q4. Credit unions are managing their balance sheets exceptionally well, but they are struggling to attract new members—creating a significant structural headwind for future earnings potential.

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More Timely Insights

Here are a few other recent posts from the blog, covering member journey strategy and generational shifts in the workforce.

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