July 02, 2020

CUs see continued membership, asset growth in Q1

Call reportMembership at federally-insured credit unions reached 121.4 million – representing 3.5 percent growth over the year – according to the NCUA's first quarter call report data. In addition, assets rose $132 billion over the year and ended the first quarter at $1.64 trillion.

"Despite economic challenges posed by the coronavirus pandemic, the first quarter call report data shows credit unions were in a strong position to help their members address financial hardships throughout the crisis," said NAFCU Chief Economist and Vice President of Research Curt Long. "The assistance credit unions have provided through business lending, skip-a-pay options, deferred payments and more continue to demonstrate their commitment to members and communities – one of the many reasons why the industry continues to grow.

"NAFCU will keep advocating for regulatory relief, especially as it relates to capital and liquidity, and flexibility to ensure credit unions aren't penalized for supporting members during this difficult time."

Here are some highlights of the NCUA's 2020 first quarter call report data:

  • loans outstanding increased 6.5 percent to $1.1 trillion, up from $1.05 trillion a year ago;
  • deposits (shares) grew 7.5 percent to $1.3 trillion, up from $1.19 trillion a year ago;
  • the credit union system's net worth ratio was 11.01 percent, down from 11.13 percent last year; and
  • the number of credit unions with a low-income designation rose to 2,631, up from 2,571 a year ago.