The New York Credit Union Association, in conjunction with CUNA, has released the 2018 First Quarter New York Credit Union Profile report. The report provides relevant and up-to-date analysis of key statistics and trends that impact credit union performance.
Highlights from the report include:
Membership growth: New York credit unions reported a 0.8 percent increase in total memberships in the first quarter of 2018. Memberships in New York credit unions increased by 3.1 percent for the year ending March 2018. The state’s credit unions now report a total of 5.63 million memberships.
New auto loans: New auto loans at New York credit unions increased by 3 percent in the first quarter of 2018. Nationally, credit unions saw new auto loans grow by 1.9 percent during the quarter.
Used auto loans: Used auto loans at New York credit unions grew by 12.5 percent during the year ending in March, significantly outpacing the national credit union average of 7.5 percent during the same timeframe.
HELOCs/second mortgages: Over the course of a year, home equity lines of credit and second mortgages grew by 6 percent at the state’s credit unions, beating out the national average of 5.7 percent. On the quarter, New York’s credit unions saw HELOCs/second mortgages grow by 0.5 percent, while nationally, credit unions saw HELOCs/second mortgages decrease by 0.4 percent.
Share certificates: Share certificates—the credit union equivalent of a certificate of deposit, or CD—increased by 11.1 percent at New York’s credit unions between March 2017 and March 2018. The statewide growth outpaced the national growth rate of 6.6 percent.
“New York’s credit unions got off to a solid start in 2018, posting impressive growth figures in many areas,” said Association President/CEO William J. Mellin. “The state credit union movement is poised to continue another strong year as more and more New Yorkers look to credit unions to turn their financial goals into reality.”