NAFCU: NCUA Data Points to Credit Union Strength, Growth

Patty Briotta
PR Manager

WASHINGTON – “The National Credit Union Administration’s (NCUA) second-quarter call report data validates the fact that consumers continue to find new ways to reap the benefits of membership in Main Street’s credit unions,” said Fred R. Becker Jr., president and CEO of the National Association of Federal Credit Unions (NAFCU).

NCUA’s 2012 second-quarter call report data, released earlier today, shows credit union assets grew from $1 trillion in the first quarter to $1.01 trillion in the second quarter and by $65.2 million year over year. Lending data showed the largest quarterly increase since fall 2008. Total loans increased 3.2 percent, year over year, to $581.7 billion and business lending rose by 1.2 percent for the quarter and 5.8 percent since June 2011.

“The growth in lending—especially member business lending—underscores credit unions’ commitment to providing credit to small businesses,” said Becker. “With the financial recovery stalled due to continuing constrained consumer spending and a lackluster job market, it is vital for Congress to act now to pass S. 2331, the Small Business Lending Enhancement Act. Raising the lending cap will allow credit unions to do more to help our nation’s small businesses create jobs that will help our economy get back on the road to prosperity.”

Additional highlights from NCUA’s second quarter report include:

  • Credit union membership was up more than 2.1 million, year over year. For the second quarter of 2012, credit union membership increased by 640,000.
  • Deposits (shares) grew by 0.3 percent during the second quarter to $868.8 billion from $866 billion, with the loan-to-share ratio increasing 0.9 percentage points from March.
  • Assets increased 0.6 percent to $1.01 trillion, up from $1 trillion in March.
  • Net worth increased 2.1 percent to $102.4 billion, up from $100.3 billion.

About Us:

The National Association of Federal Credit Unions is the only national organization that focuses exclusively on federal issues affecting credit unions, representing its members before the federal government and the public. 

More News