ARLINGTON, Va.—Credit union member growth declined 2.9% in August year over year, and share growth was down 3.4% year over year, according to new analysis released by NAFCU as part of its Economic and CU Monitor. Loan growth is still robust, although it slowed to 9.7% year-over-year, said NAFCU, noting that its survey found respondents “pessimistic” about first mortgage growth year over year.
Nevertheless, it found three of five regions expect loan growth to accelerate during the next 12 months. The loan-to-share ratio was 73.2% in mid August in the NAFCU data. NAFCU reported that in August the aggregate net worth ratio of CUs increased by two BPs to 10.81%, while net interest margins were all but flat, decreasing by just one BP. Meanwhile, NAFCU said that a “wide majority” of responding CUs reported being impacted by a local data breach over the past two years, and that nearly every respondent indicated they had implemented NCUA’s best practices on security, including penetration tests.