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CU membership surpasses 120M
Membership at federally-insured credit unions reached 120.4 million – representing 3.6 percent growth over the year – according to the NCUA's fourth quarter call report data. In addition, assets rose $113 billion over the year and ended the fourth quarter at $1.57 trillion.
"As more Americans turn to credit unions for financial services, the industry needs an appropriate regulatory environment to ensure they can continue providing the best products and services to members," said NAFCU Chief Economist and Vice President of Research Curt Long. "The NCUA at its MDI Forum earlier this week showed its commitment to reaching underserved communities, and NAFCU will continue to work with the agency and Congress on key issues to ensure credit unions can thrive and meet their mission of serving those in need."
Here are highlights of the NCUA's 2019 fourth quarter call report data:
- loans outstanding increased 6.2 percent to $1.1 trillion, up from $1 trillion a year ago;
- deposits (shares) grew 7.4 percent to $1.2 trillion, up from $1.14 trillion a year ago;
- the credit union system's net worth ratio was 11.37 percent, up from 11.30 percent last year; and
- the number of credit unions with a low-income designation rose to 2,605, up from 2,554 a year ago.