Q1 Profile Report: NY CUs outpaced national membership growth average

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The New York Credit Union Association, in conjunction with CUNA, has released the 2019 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:

star3 Membership growth: New York credit unions reported a 0.6 percent increase in total memberships in the first quarter of 2019, slightly outpacing the 0.5 percent increase in the fourth quarter of 2018. Memberships in New York credit unions increased by 5.2 percent for the year ending March 2019, outpacing the national average membership growth rate at 4 percent during the same time.

star3 Total assets: Assets at New York credit unions grew by 4.7 percent in the year ending in March 2019. During the same period a year prior, assets grew by 3.7 percent.

star3 Used auto loans: Used auto loans at New York credit unions grew by 1.6 percent in the first quarter, outpacing the national average of 1 percent. For the year ending in March 2019, New York’s credit unions grew used auto loans by 13.1 percent, compared with the 7.3 percent growth recorded nationally.

star3 Share certificates: Share certificates grew by 3.6 percent in the first quarter of 2019 – up from the 1.3 percent growth posted in the first quarter of 2018.

star3 Credit cards: Credit card loans increased by 6.1 percent in the year ending in March 2019 – an increase over the 5.1 percent growth recorded during the same period in 2019.

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