CU membership nears 120M

by NAFCU Newsroom

Membership at federally insured credit unions reached 119.6 million – representing 3.6 percent growth over the year – according to the NCUA’s third quarter call report data. In addition, assets rose $98 billion over the year, ending the quarter at $1.54 trillion.

“The credit union industry remains strong, as demonstrated in the new call report data,” said NAFCU Chief Economist and Vice President of Research Curt Long. “Despite banker attempts to discredit the industry, credit unions prove time and time again that they are committed to doing what’s best for their members and communities – that’s why more Americans are joining credit unions. NAFCU will continue to work with Congress and the NCUA to modernize regulations to ensure credit unions have the ability and resources to serve all who want to join.”

Here are highlights of the NCUA’s 2019 third quarter call report data:

  • loans outstanding increased 5.9 percent to $1.1 trillion, up from $1 trillion a year ago;
  • deposits (shares) grew 6.3 percent to $1.2 trillion, up from $1.13 trillion a year ago;

 

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