ALBANY, N.Y.—Credit unions in New York reported 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.
Through March 31:
- New York credit union memberships grew by 3% over the past to more than 5,162,000 members.
- New York credit unions home equity lines of credit/second mortgages increased by 9.1% in the past year, outpacing the national average of 2.5%.
- New auto loans grew by 19.1% in the past year, up from 2014’s 17.4%.
- Used auto loans also continued to climb at a rapid rate in the past year, increasing by 14.3% on the quarter, which outpaced the national average of 13.2%.
- Member business loans grew 12% in the past year, which is higher than the national growth rate average of 11.5%.
- The state’s credit unions’ capital levels remain strong, with an accumulated net worth-to-asset ratio of 11%—higher than the national average of 10.8%.