Credit union membership, lending up in Q2
Credit unions are on the rise, as indicated by the NCUA in the second quarter of 2015. Last week the NCUA reported that the total number of credit union members had surpassed the 101 million mark, and overall lending was up as of the close of Q2.
According to the credit union regulatory body, membership in federally insured credit unions grew to 101,084,138, as of June 30th. This is a significant jump of more than three million members since the same period in 2014. Membership continues to grow across the country for individual credit unions as well. For example, Navy Federal Credit Union, the largest credit union in the U.S. by total assets, now serves more than 5.6 million people. They reported a 4.56 percent membership growth rate for Q2, up from 2.76 percent in Q1, according to Sageworks Bank Information.
Additionally, the NCUA’s quarterly recap of the industry noted that total loans have continued to grow along with membership. Total lending at federally-insured credit unions reached $745.2 billion in the second quarter of 2015. This is an increase of 3.2 percent from Q1, and 10.6 percent from a year earlier.
Auto lending has been an area of growth for credit unions over the last several quarters. The NCUA stated that new vehicle loans grew to $92.8 billion, up 3.9 percent from the previous quarter. Year over year, this area of lending has grown 19.5 percent.continue reading »