Press
New York credit unions present strong lending, membership figures
ALBANY, NY (June 10, 2015) – The state’s credit unions saw significant increases in memberships and loan volume in the first quarter of 2015, according to the New York Credit Union Association’s 2015 First Quarter New York Credit Union Profile. The report is developed in partnership with CUNA and provided to NYCUA member credit unions.
The report includes comprehensive analysis of key statistics and trends that impact credit union performance. Highlights for the period ending March 31 include:
Membership growth: New York credit union memberships grew by 3 percent in the past year. There are now more than 5,162,000 memberships at credit unions in New York.
HELOC/second mortgages: New York credit unions home equity lines of credit/second mortgages increased by 9.1 percent in the past year, outpacing the national average of 2.5 percent.
New auto loans: New auto loans grew by 19.1 percent in the past year, a continuous increase from the 2014 growth rate of 17.4 percent.
Used auto loans: Used auto loans also continued to climb at a rapid rate in the past year, increasing by 14.3 percent on the quarter, which outpaced the national average of 13.2 percent.
Business lending: Member business loans grew 12 percent in the past year, which is higher than the national growth rate average of 11.5 percent.
Capital levels: The state’s credit unions capital levels remain strong, with an accumulated net worth-to-asset ratio of 11 percent—higher than the national average of 10.8 percent.
“The first quarter of 2015 has been substantial for the New York credit union movement,” said NYCUA President and CEO William J. Mellin. “The state’s credit unions continue their mission of providing financial services to their members, while empowering individuals and small businesses in their communities to thrive and realize their financial independence. Credit unions put New Yorkers first, which is why there are now more credit union members than ever in New York.”
The New York Credit Union Association has served as the trade association for the state’s credit unions for 98 years. With more than 5 million memberships, New York credit union assets total more than $70 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.