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NCUA: CU System Boosted the Economy in Third Quarter
Monday, December 8, 2014 6:35 AM

Federally insured credit unions boosted lending in all categories in the third quarter of 2014, the National Credit Union Administration has reported. They released the new figures based on Call Report data submitted to and compiled by the agency for the quarter ending Sept. 30, 2014.

“Making investments in members and their communities is what credit unions are all about,” NCUA Board Chairman Debbie Matz said. “An improving economy stimulates loan demand, and lending growth contributes to continued economic growth. So, it comes as no surprise that the credit union system grew with and boosted the economy in the third quarter. In fact, federally insured credit unions had their highest annual loan growth rate since the first quarter of 2006.

Matz said that the fact credit unions are turning toward making loans and reducing their reliance on long-term investments is encouraging. "A loan to a member is the best investment a credit union can make and benefits members directly."

Key points in the report include:

  • Outstanding Loans Up 10.1 Percent in the Past Year
  • Long-Term Investments Continue to Decline
  • Membership Nearing 99 Million as Consolidation Trends Continue
  • Return on Average Assets Up, Net Income Up 8.6 Percent
  • Net Worth Rises, Credit Unions Remain Well-Capitalized
  • Assets Continue to Rise, Shares Up from a Year Ago
  • Delinquency and Charge-Off Ratios Steady; Bankruptcy Losses Decline
  • Growth Trends among Large and Small Credit Unions Remain Steady 

For more information about the performance of federally insured credit unions, NCUA makes the complete details of the September 2014 Call Report available online here. A summary of third-quarter performance is available here, and financial trends data are available here