NAFCU: NCUA data shows credit unions reach nearly 105 million members
WASHINGTON, DC (September 6, 2016) — National Association of Federal Credit Unions (NAFCU) President and CEO Dan Berger lauded credit unions’ achievements in share and membership growth represented in the National Credit Union Administration’s (NCUA) second-quarter 2016 call report data released today. The results underscore the significant value of credit unions to the nation’s economy with membership climbing to nearly 105 million members.
“The second-quarter data indicates credit unions continue to deliver exceptional value and service to their members,” said Berger. “American consumers are seeing the difference between credit unions and their competitors, and the choice is clear. Excellent member service and first-rate products and services continue to set credit unions apart and draw new members to the industry.”
Highlights of NCUA’s second-quarter 2016 call report data include:
- Credit union membership grew by more than 1.1 million during the second quarter of 2016, totaling 104.9 million.
- Credit union assets, year over year, were up $86 billion, or 7.4 percent, totaling $1.25 trillion.
- Shares were up 0.8 percent in the quarter, totaling $1.06 trillion.
- Total loans increased 3 percent during the quarter, totaling $823.4 billion.
- The loan-to-share ratio rose 1.7 percentage points to 77.8 percent.
- The average net worth ratio increased by seven basis points from the first quarter of 2016, but was down by seven basis points from a year ago, to 10.85 percent.
The National Association of Federally-Insured Credit Unions is the only national trade association focusing exclusively on federal issues affecting the nation’s federally-insured credit unions. NAFCU membership is direct and provides credit unions with the best in federal advocacy, education and compliance assistance. For more information on NAFCU, go to www.nafcu.org or @NAFCU on Twitter.