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CUs continued to grow in Q2 as pandemic took hold
Amid the coronavirus pandemic, credit unions continued to see growth as membership grew 3.4 percent over the year to 122.3 million members and loans increased 6.6 percent to $1.14 trillion, according to the NCUA's second quarter call report data. NAFCU Chief Economist and Vice President of Research Curt Long said the strong numbers highlight the credit union difference.
"The credit union industry's data through the first few months of the pandemic shows its strength and resiliency, and why it's different from others in the financial services space," said Long. "Credit unions are well-known for helping their members and communities through trying times, and this year has been no different. The growth in membership and loans reflect credit unions' diligent work with members to meet financial headwinds and provide some relief to those who might be struggling."
Additional highlights from the second quarter data, which ended June 30, include:
- deposits (shares) grew 15.8 percent to $1.4 trillion, up from $1.19 trillion a year ago;
- the credit union system's net worth ratio was 10.46 percent, down from 11.27 percent last year;
- the delinquency rate at federally-insured credit unions was down 5 basis points from the previous year; and
- the number of credit unions with a low-income designation rose to 2,652, up from 2,618 a year ago.