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NCUA Reports Continued Credit Union Loan Growth in First Quarter of 2016
"ALEXANDRIA, Va. (June 3, 2016) – Credit unions continued to increase their lending, with loans outstanding increasing 10.7 percent in the year ending in the first quarter of 2016, the National Credit Union Administration reported today.
“The credit union system again experienced solid performance during the first quarter of 2016,” NCUA Board Chairman Rick Metsger said. “Overall, new and used auto lending was especially strong, and the system gained one million members. With an influx of deposits, federally insured shares at credit unions also neared the $1 trillion mark coming in at $991.7 billion.
“As credit union lending has increased, long-term investments have declined and reduced the system’s interest rate risk. However, delinquency and charge-off rates are slightly higher than a year ago, and member-business loan delinquencies are rising even more. Credit unions making such loans should take note and ensure that they perform proper due diligence to mitigate the risk.
”NCUA released the new figures today, based on Call Report data submitted to and compiled by the agency for the quarter ending March 31, 2016."
NCUA Reports Continued Credit Union Loan Growth in First Quarter of 2016:
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