The New York Credit Union Association, in conjunction with CUNA, today will be releasing the 2018 Mid-Year 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.
Notably, New York credit union assets now stand at more than $83 billion, an all-time high.
Other highlights from the report include:
Membership growth: New York credit unions reported a 3.8 percent increase in total memberships in the second quarter of 2018. Memberships in New York credit unions increased by 5.7 percent for the year ending in June 2018, outpacing the national average of 4.3 percent. The state’s credit unions now report a total of 5.84 million memberships.
Loan growth: New York credit union loan portfolios grew by 2.5 percent—a solid 10 percent annualized pace, and above the 1.1 percent first quarter gain.
New auto loans: New auto loans at New York credit unions increased by 5.4 percent in the second quarter of 2018 – a 21.6 percent annualized increase.
Used auto loans: Used auto loans at New York credit unions grew by 5.6 percent in the second quarter, which represents a 22.4 percent annualized increase.
HELOCs/second mortgages: Over the course of a year, home equity lines of credit and second mortgages grew by 5.3 percent at the state’s credit unions, a slower rate of growth compared to the 6.8 percent growth reported at this point last year, but above the national average of 5.1 percent.
Credit card loan growth: Credit card loan growth increased 1.5 percent in the second quarter, a significant increase from the 3.3 percent decrease in the first quarter of 2018. This strong growth rate is reflected in the 4.3 percent credit card loan growth for the year ending in June 2018, which is higher than the 4 percent loan growth for the year ending in June 2017.
“The New York credit union community continues to grow and evolve at an encouraging pace,” said Association President/CEO William J. Mellin. “We’re seeing memberships increasing and growth in other key areas. Most importantly, New Yorkers are recognizing credit unions as viable and accessible financial partners that can help consumers achieve their financial dreams.”