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NCUA Report: CU Performance Strong in 2014
Thursday, June 25, 2015 6:35 AM

In a report released Tuesday, the National Credit Union Administration said credit unions had a strong year in 2014. The report also outlined the NCUA's progress on nine categories of its Regulatory Modernization Initiative and highlighted the agency’s activities, policy initiatives, and accomplishments for 2014.

Federally insured credit unions’ strong financial performance was attributed to improving economic conditions that led to strong loan, net worth, and membership growth during 2014. Performance statistics for federally insured credit unions included:

  • Membership grew to 99.3 million, up from 96.3 million at the end of 2013;
  • Total assets rose by $60 billion, bringing credit union system total assets to $1.12 trillion;
  • Overall share and deposit accounts rose to $951 billion from $910 billion;
  • The net-worth ratio of credit unions was 10.97 percent, up 19 basis points (bp) from 10.78 percent. The year-end ratio was the highest level since 2007, said the report; and
  • Return on average assets ratio was 80 bp, up from 78 bp.

The agency focused on nine categories during 2014:

  • Modernizing NCUA’s rules to account for emerging risks to the federally insured credit union system;
  • Revising and removing regulations that limit flexibility and growth without jeopardizing safety and soundness;
  • Ensuring the safety and soundness of the system;
  • Managing the resolution of the corporate credit union crisis of 2008-2010;
  • Assisting credit unions so they can adapt and thrive in a changing environment;
  • Protecting consumers, expanding access to affordable financial services and advancing financial literacy;
  • Promoting transparency and developing strategic partnerships;
  • Making NCUA an employer of choice; and
  • Acting as a model corporate steward.

The report, which is sent annually to the U.S. Congress, also provided the audited financial statements of each of NCUA’s four permanent funds, and included new data with a more detailed picture of the system’s financial performance for the past five years.