ALBANY, N.Y.—New York CUs are adding members faster than they have at any point in the last 15 years.
The New York Credit Union Association’s Third Quarter 2015 New York Credit Union Profile report shows that the 2.2% twelve-month increase in New York credit union memberships is the fastest annual growth rate posted by the state’s credit unions since the year 2000.
Other highlights from the league’s data:
- Membership growth: New York credit union memberships surpassed the 5.2 million mark for the first time ever.
- Loan growth: Every loan portfolio segment reflected quarterly increases in the third quarter.Overall, New York credit union loans increased by 9.9% in the year ending in September—faster than the 2014 rate of 8.8%, and the fastest 12-month increase since 2004.
- Auto loans: New York’s credit unions continued to beat national averages in auto lending. From September 2014 through September 2015, new auto loans grew by 18.1% (versus the national average of 17.6%), and used auto loans grew by 14.3% (versus the national average of 13.2%).
- HELOCs/second mortgages: Home equity lines of credit and second mortgages continued to soar year-over-year, increasing by 9.7%—far greater than the 2.7% national increase.
- Capital levels: The state’s credit unions continue to hold strong capital levels, with an average net-worth-to-asset ratio of 11.1%, which is the highest ratio since 2008, and slightly higher than the national average of 11%.
“The latest New York Credit Union Profile report further illustrates that our statewide movement is growing, thriving, and in many cases, outpacing national trends,” said NYCUA President and CEO William J. Mellin. “It was especially encouraging to see loan- and asset-growth at credit unions in every asset category, reflecting the strength and diversity of the New York credit union movement.”