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CU membership nears 120M
Membership at federally insured credit unions reached 119.6 million – representing 3.6 percent growth over the year – according to the NCUA's third quarter call report data. In addition, assets rose $98 billion over the year, ending the quarter at $1.54 trillion.
"The credit union industry remains strong, as demonstrated in the new call report data," said NAFCU Chief Economist and Vice President of Research Curt Long. "Despite banker attempts to discredit the industry, credit unions prove time and time again that they are committed to doing what's best for their members and communities – that's why more Americans are joining credit unions. NAFCU will continue to work with Congress and the NCUA to modernize regulations to ensure credit unions have the ability and resources to serve all who want to join."
Here are highlights of the NCUA's 2019 third quarter call report data:
- loans outstanding increased 5.9 percent to $1.1 trillion, up from $1 trillion a year ago;
- deposits (shares) grew 6.3 percent to $1.2 trillion, up from $1.13 trillion a year ago;
- the credit union system's net worth ratio was 11.39 percent, up from 11.21 percent last year; and
- the number of credit unions with a low-income designation rose to 2,615, up from 2,561 a year ago.
NCUA Chairman Rodney Hood shared many of these data with Congress last week as he testified on the safety and soundness of the industry. Hood also stressed the important role credit unions play in providing financial services to underserved communities.