Credit union assets, lending, delinquencies rise in 2nd quarter

Total assets in federally insured credit unions increased $82 billion, or 3.8%, over the year ending in the second quarter of 2023, to $2.22 trillion, according to the latest financial performance data released by NCUA.

Total loans outstanding rose $175 billion, or 12.6%, to $1.56 trillion, during the same time period. Insured shares and deposits also grew $31 billion, or 1.8%, to $1.72 trillion, from one year earlier.

“The latest quarterly data indicate the credit union system is — overall — generally well positioned,” said NCUA Chairman Todd M. Harper. “The increase in credit union membership, assets, loans outstanding, and insured shares and deposits give us reason for cautious optimism; cautious because the second quarter data highlight a few areas of concern. Namely, a rise in delinquency rates and charge offs and a slight decline in insured shares.”

The NCUA’s Quarterly Credit Union Data Summary provides an overview of the financial performance of federally insured credit unions based on information reported to the agency in the second quarter of 2023. As of June 30, 2023, there were 4,686 federally insured credit unions with 137.7 million members.


continue reading »