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CU members exceed 118M; assets total $1.52T
Federally insured credit unions have added 4.3 million members over the year and total membership is now 118.3 million, according to the NCUA's second quarter call report data. In addition, assets grew $91 billion over the year resulting in $1.52 trillion in total assets.
"The excellence of the credit union industry is evident in the newly released call report data as membership and assets continue to grow," said NAFCU Chief Economist and Vice President of Research Curt Long. "We are excited to showcase the industry's strength and commitment to their communities during the hundreds of meetings on Capitol Hill next week during Congressional Caucus.
"NAFCU will keep up its advocacy for regulatory relief and modernization to ensure this growth continues and credit unions can meet the financial needs of millions more Americans," Long added.
Here are highlights of the NCUA's 2019 second-quarter call report data:
- membership in federally insured credit unions rose 3.8 percent over the year;
- assets grew 6.3 percent to $1.52 trillion, up from $1.43 trillion a year ago;
- loans outstanding increased 6.4 percent to $1.1 trillion, up from $1 trillion a year ago;
- deposits (shares) grew 5.5 percent to $1.19 trillion, up from $1.13 trillion a year ago; and
- the credit union system's net worth ratio was 11.27 percent, up from 11.01 percent last year.