MADISON, Wis—Credit union membership during 2014 rose at the fastest pace in more than two decades, according to new year-end data released by CUNA.
During 2014 credit unions surpassed 100-million total members in the U.S., and over the full year membership climbed 3.6%, the highest pace since 1994’s 3.7%, CUNA said.
As CUToday.info has reported, lending was robust during 2014, growing 10.2%, the biggest increase seen by credit unions since 2005’s 10.7%. The big driver in loans has been auto lending, with new overall CU new and used loan portfolios up 20.7% and 12.1%, respectively, which was even stronger than the 12.6% and 10.4% respective loan growth rates of one year earlier, CUNA reported.
Beyond auto loans, fixed-rate mortgages, ARMs and home quity loans saw increases of 6.7%, 14.1% and 7.2% respectively for the year, while other loans (13.7%), unsecured-personal loans (10.5%) and credit card loans (7%) also posted strong gains, CUNA said.
The overall CU member delinquency rate closed 2014 at 0.82%.
CUNA is projecting loan growth of 11% during 2015.