WASHINGTON, DC (March 3, 2014) -- The National Association of Federal Credit Unions (NAFCU) said the National Credit Union Administration's (NCUA) fourth quarter 2013 call report data highlights the credit union industry’s strength and integral role in the nation’s economy.
NAFCU Senior Vice President of Government Affairs and General Counsel Carrie Hunt said the data show the credit union industry’s strength and integral role in the nation’s economy. “Credit unions' proven value is underscored by the industry’s continued membership growth, fueled by credit unions’ Main Street appeal,” said Hunt. “Credit unions offer their members unquestionable value, with outstanding service, low fees and competitive rates. These results affirm findings from NAFCU’s 2014 tax study, which shows credit union members realized $51.5 billion in benefits over the nine-year span of the study and bank customers realized an estimated $101.4 billion in benefits over the same period. Competition from credit unions forces banks to offer consumers more favorable rates.
“Overall, the competitive edge credit unions bring to the financial marketplace benefits all Americans, regardless of whether they obtain their financial services from a credit union or a bank. NAFCU’s study reported $17 billion in annual benefits to the U.S. economy from the presence of credit unions,” Hunt added.
Some of the highlights of the NCUA's 2013 fourth quarter call report data include:
- Credit union membership increased 2.6 percent from 2012, increasing by more than 2.4 million for the year to 96.3 million.
- Lending was up 8 percent to $645.2 billion, up from $597.5 billion in 2012; and member business lending rose 10.1 percent over the previous year to $45.9 billion.
- Deposits (shares) grew 3.7 percent to $910.1 billion, up from $877.9 billion in 2012.
- The industry’s loan-to-share ratio increased 2.8 percentage points from the previous year.
- Assets increased 3.9 percent to $1.06 trillion, up from $1.02 trillion in 2012.
- Credit union net income totaled $8.1 billion, slowing 3.8 percent from 2012.
- Net worth increased 7.4 percent to $114.5 billion, up from $106.7 billion in 2012.
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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.