ARLINGTON, Va.—Credit union share growth reached a "stunning level" in 2020, according to NAFCU Chief Economist and Vice President of Research Curt Long, who expects it to remain strong through at least the first half of 2021, as well.
That view was shared in NAFCU’s latest CU Industry Trends report, a quarterly report of the latest trends among credit unions.
Other key data from NAFCU's fourth quarter trends report:
- Loan growth fell sharply among large credit unions in the fourth quarter, largely due to slower mortgage loan originations
- Short-term liquidity is at its highest level in recent history
- Real estate loan origination growth was positive in the Southern region, but negative elsewhere
- All asset classes have higher loan-loss coverage ratios when compared to last year, with the sharpest rise among credit unions with $1 billion or more in assets
As CUToday.info reported, NCUA recently released its fourth quarter call report data, showing credit unions continued to grow in the fourth quarter of 2020 – reaching 124.3 million – and total assets rose by 3.2% over the quarter to $1.85 trillion.