The New York Credit Union Association, in conjunction with CUNA, has released the 2017 Year End New York Credit Union Profile report.
According to the report, which provides relevant and up-to-date analysis of key statistics and trends that impact credit union performance, New York credit unions continued to post solid loan and membership growth in the third quarter of 2017.
Highlights from the report include:
Membership growth: Memberships at New York credit unions increased by 3.3 percent in 2017, outpacing the 3.2 percent growth recorded in 2016. In total, there are 5.6 million memberships at New York credit unions.
New auto loans: New auto loans grew by 5 percent in the fourth quarter of 2017, significantly above the 3.4 percent growth rate recorded nationally.
Used auto loans: Used auto loans at New York credit unions increased by 2.5 percent in the quarter, above the 1.4 national growth rate.
First mortgages: In 2017, New York credit unions matched the national first mortgage growth rate average of 10.1 percent.
HELOCs/second mortgages: HELOCs/second mortgages grew by 6.8 percent in 2017, up significantly from the 3.8 percent increase recorded in 2016.
Share certificates: Share certificates—the credit union equivalent of a certificate of deposit, or CD—increased by 3.8 percent at New York’s credit unions during the fourth quarter. The statewide growth outpaced the national growth rate of 1.7 percent.
“The latest New York Credit Union Profile report offers many encouraging insights into the state of the New York credit union movement,” said Association President/CEO William J. Mellin. “Credit unions in New York continue to grow memberships and loans, and more New Yorkers than ever before are benefitting from this growth.”
Developed in partnership with CUNA, the New York Credit Union Profile report provides relevant and up-to-date analysis of key statistics and trends that impact credit union performance.