Credit-union membership growth in New York state accelerated in 2018, according to a new report. Memberships at New York credit unions increased by 5.8 percent to 5.87 million in the year ending Sept. 30, 2018. That’s up from 3.3 percent membership growth in 2017, according to the “Third Quarter 2018 New York Credit Union Profile” […]
Credit-union membership growth in New York state accelerated in 2018, according to a new report.
Memberships at New York credit unions increased by 5.8 percent to 5.87 million in the year ending Sept. 30, 2018. That’s up from 3.3 percent membership growth in 2017, according to the “Third Quarter 2018 New York Credit Union Profile” report issued in early January by the New York Credit Union Association (NYCUA), in conjunction with CUNA (Credit Union National Association).
The report, which provides up-to-date analysis of key statistics and trends that impact credit-union performance, found that New York credit unions continued to post “solid loan and membership growth in the third quarter of 2018,” according to a release on the NYCUA website.
Other highlights from the report include the following statistics.
• Loan growth: New York credit union total loan growth increased by 3.3 percent in the third quarter of 2018, above the 2.4 percent growth recorded in the third quarter of 2017, and also higher than the 2.6 percent national growth rate.
• First mortgages: First mortgages at New York credit unions grew by 4 percent in the third quarter, surpassing the national average of 2.3 percent.
• HELOCs/second mortgages: New York credit unions saw HELOCs/second mortgages grow by 1.4 percent in the third quarter, topping the 1.1 percent recorded in the same period in 2017.
• Credit-card loan growth: Credit-card loans increased by 2.8 percent in the third quarter, higher than the 2.5 percent growth in the year-ago period. The 2.8 percent increase for New York credit unions also was better than the 2.5 percent national growth.
• New auto loans: New York credit unions’ total new auto loans increased by 4.2 percent, above the national growth rate of 3.6 percent.
• Used auto loans: Used auto loans made by New York credit unions also increased at a 3.7 percent clip in the year ending Sept. 30, 2018, outpacing the national increase of 2.3 percent.
• IRAs: New York credit unions reported that IRAs grew by 4.5 percent in the third quarter, easily surpassing the national growth rate of 0.5 percent.
NYCUA is the Albany–based trade association for New York credit unions.
