WASHINGTON, DC (June 3, 2014) -- The National Association of Federal Credit Unions (NAFCU) welcomed the results of the National Credit Union Administration’s (NCUA) first-quarter 2014 call report data, which shows credit unions continue to experience solid loan and membership growth.
“The first-quarter data shows credit unions continue to meet the high standards of value and exceptional member service that people want in their financial institutions,” said Carrie Hunt, NAFCU’s senior vice president of government affairs and general counsel. “Moreover, credit unions continue to be a vital source of credit in helping small businesses expand and promote job growth on Main Street. We want to see these trends continue and believe a key step toward ensuring a sustained recovery is for NCUA to withdraw its proposed risk-based capital rule.”
The first-quarter data released by NCUA show the following trends at federally insured credit unions:
- Credit union membership was up more than 2.5 million, year over year. For the first quarter of 2014, credit union membership increased by 830,000.
- Lending continued to grow, with total loans increasing 1.2 percent for the first quarter and 8.8 percent, year over year, to $653 billion.
- Member business lending grew 2.9 percent for the quarter and 11.1 percent since March 2013.
- Deposits (shares) grew by 3.6 percent during the first quarter to $943 billion from $910 billion, with the loan-to-share ratio decreasing 1.7 percentage points from December.
- Assets increased 3.4 percent to $1.1 trillion, up from $1.06 trillion in 2013.
- Net worth increased 1.8 percent to $116.6 billion, up from $114.5 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.