According to the National Credit Union Administration (NCUA), the national credit union system saw growth in lending and membership in the first quarter of 2014. Outstanding loans were up by 8.8% compared to the same time the year before with first mortgage real estate loans rising 9.7% on a year-over-year basis. Credit union membership grew by 831,635 members in the first quarter, “reaching a new high of 97.1 million.” NCUA provides credit union analytics for federally insured credit unions in all 50 states and Washington D.C.
On a state level, Idaho outpaced the nation in outstanding loans and membership growth. Compared to first quarter 2013, Idaho’s outstanding loan growth rose by 17.7% in the first quarter 2014. What is more, Idaho’s membership growth rate was 8.7% higher in the first quarter than the same time last year.
In regards to the NCUA’s first quarter report, Debbie Matz, NCUA Board Chairman, stated, “The continued growth in credit union lending and gains in membership during the first quarter are positive signs. Investing in people and communities will produce dividends for credit unions in many respects, but the higher interest rate environment of late 2013 and the first quarter of 2014 slowed mortgage originations. To protect the Share Insurance Fund, NCUA continues to closely monitor the risks posed by rising interest rates, long-term investments and fixed-rate mortgages.”
To read the NCUA’s first quarter press releases, visit http://bit.ly/1kNQZ3K.