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NAFCU: NCUA Data Show Credit Unions Continue to Shine as Consumers’ Choice
Washington – “Once again, we have proof that credit unions are becoming the choice for more and more Americans,” said Fred R. Becker Jr., president and CEO of the National Association of Federal Credit Unions (NAFCU) upon release of the National Credit Union Administration third quarter call report data. The data shows credit union membership increasing by 2.5 million, year over year, and adding 740,000 new members in the third quarter of 2012.
“It is no wonder that consumers continue to seek out Main Street credit unions. Their not-for-profit business model makes them an outstanding choice for consumers who are fed up with the big banks’ fee ‘Whack-A-Mole,” said Becker.
Released earlier today, the NCUA data shows that credit union assets grew by $5.2 billion to $1.01 trillion in the third quarter and by $61.8 billion year over year.
Lending data showed continued strength. Total loans increased 4.3 percent, year over year, to $591.1 billion, and business lending increased by 1.4 percent for the quarter and 5.1 percent annualized since December 2011.
“The continued growth in member business lending underscores that credit unions are a popular choice for capital-challenged small businesses,” said Becker. “Credit unions could do even more to help if Congress would act on S. 2331, the Small Business Lending Enhancement Act, which would raise the current cap on the lending credit unions can make to their business members. It’s critical for Congress to pass this bipartisan, common-sense legislation now so our nation’s small businesses can create jobs and renew our economy’s vitality.”
Additional highlights from NCUA’s third quarter report include:
- Deposits (shares) grew by 0.1 percent during the third quarter to $869.7 billion from $868.8 billion, with the loan-to-share ratio increasing 1 percentage point from June.
- Assets increased 0.5 percent to $1.01 trillion.
- Net worth increased 2 percent to $104.5 billion, up from $102.4 billion.
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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.