NCUA Q1 report highlights credit union loan, membership growth
Credit union lending and memberships continued to increase in the first quarter of 2014, according to the National Credit Union Administration call report data released Tuesday. The data also showed higher interest rates that slowed mortgage originations.
“The continued growth in credit union lending and gains in membership during the first quarter are positive signs,” NCUA Chair Debbie Matz said. “Investing in people and communities will produce dividends for credit unions in many respects, but the higher interest rate environment of late 2013 and the first quarter of 2014 slowed mortgage originations. To protect the (National Credit Union) Share Insurance Fund, NCUA continues to closely monitor the risks posed by rising interest rates, long-term investments and fixed-rate mortgages.”
According to the report, federally insured credit unions’ total assets grew $42.6 billion, or 4%, from the first quarter of 2013, to reach $1.1 trillion total. Membership in federally insured credit unions grew by 831,635 in the first quarter of 2014, reaching a new high of 97.1 million.
The number of federally insured credit unions fell to 6,491 at the end of the first quarter, a decline of 3.9%, which the NCUA says is consistent with the trend over the last 40 years of consolidation.continue reading »