Newsroom

FOR IMMEDIATE RELEASE

Washington (June 3, 2016) – The National Association of Federal Credit Unions (NAFCU) welcomed the National Credit Union Administration's (NCUA) report on credit unions' first-quarter 2016 call report data, which shows credit unions continue to experience steady loan, share and membership growth.

The first-quarter data shows credit unions continue to shine by delivering exceptional value and exemplary service to their members," said Berger. "American consumers are voting with their wallets and demonstrating their extraordinary satisfaction with credit unions' first-rate products and top-notch financial services. While small credit unions want to continue to be part of this trend, they are being especially hard-hit by an endless tide of regulatory burden. The impact is undeniable – at the current pace we are losing nearly a credit union each business day."

The first-quarter data released by NCUA show the following trends at federally insured credit unions:

• Membership in insured credit unions rose more than 3.8 million, year over year. For the first quarter of 2016, credit union membership increased by 1 million.
• Lending continued to grow, with total loans increasing 1.6 percent for the first quarter and 10.7 percent, year over year, to $800 billion.
• Member business lending grew 2.9 percent for the quarter and 12.7 percent since March 2015.
• Deposits (shares) grew 3.4 percent during the first quarter to $1.05 trillion from $1.02 trillion, with the loan-to-share ratio increasing 2.7 percentage points from same time last year.
• Assets increased 3 percent to $1.24 trillion, up from $1.2 trillion in December 2015.
• Net worth increased 1.7 percent to $133.9 billion, up from $131.6 billion.
• The number of federally insured credit unions declined by 252 over the past 12 months.

The National Association of Federal Credit Unions is the only national trade association that exclusively represents the interests of federally chartered credit unions before the federal government and the public.

Patty Briotta
Director of Public Relations
Office:703-842-2820
pbriotta@nafcu.org