NY credit unions post strong lending, membership year end increases
ALBANY, NY (March 24, 2015) — The state’s credit unions saw significant increases in memberships and loan volume in 2014, according to the New York Credit Union Association’s 2014 Year End New York Credit Union Profile. The report is developed in partnership with CUNA and provided to NYCUA member credit unions.
The report includes an in-depth analysis of key statistics and trends that impact credit union performance. Highlights include:
· Membership growth: New York credit union memberships grew by 2.9 percent in 2014. There are now more than 5,119,000 memberships at credit unions in New York.
· First mortgages: First mortgages at New York credit unions increased by 10.9 percent on the year, outpacing the national average of 9.1 percent.
· New auto loans: New auto loans grew by 17.4 percent throughout the year, a significant increase from the 2013 growth rate of 7.6 percent.
· Used auto loans: Used auto loans also continued to climb at a rapid rate in 2014, increasing by 11.4 percent on the year (compared with the 2013 increase of 3.4 percent).
· Business lending: Member business loans grew by 13.4 percent in 2014; the national growth rate averaged 12.4 percent.
· Capital levels: The state’s credit unions remain well-capitalized, with an aggregate net worth-to-asset ratio of 11.2 percent—higher than the national average of 11 percent.
“2014 was an encouraging year for the New York credit union movement, and we are continuing to build on that momentum this year,” said NYCUA President and CEO William J. Mellin. “Last year, the state’s credit unions continued to provide important products, services and loans that directly benefit their members and their communities. As a result, there are now more credit union members than ever in New York, because credit unions put New Yorkers first.”
The New York Credit Union Association has served as the trade association for the state’s credit unions for 96 years. With more than 5 million memberships, New York credit union assets total more than $66 billion. To learn more about NYCUA, visit www.nycua.org. To find a credit union or learn more about the credit union movement, visit www.asmarterchoice.org.