The New York Credit Union Association, in conjunction with CUNA, has released the Mid-Year 2020 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.
During the second quarter of 2020, in the midst of the pandemic, the nation’s credit unions “did what they always do in crisis – they rose to the occasion, engaged with members, and helped millions navigate the uncertainty in an attempt to get them through the crisis quickly and with as little disruption as possible,” according to the report.
The report stated that “swift monetary and fiscal policy responses helped to greatly soften the blow,” with government pandemic assistance payments distributed to households and businesses – which helped to buoy the stalled economy.
Highlights from the report include:
Membership growth: Credit unions in the state reported a 0.3% increase in total memberships in the second quarter of 2020 (a bit lower than the 0.7% first quarter advance). The year-over-year increase was 1.9%, which stands in stark contrast to the state’s declining population. In total, New York credit unions now report 6.1 million memberships – equal to 31% of total state population.
Total loans: Empire State credit union loan portfolios collectively grew by 1.1% in the second quarter – a 4.4% annualized pace, which is about four times faster than the first quarter increase. Year-over-year loan growth came in at 5.7%.
New auto loans: For the year ending in June, new auto loans at New York credit unions declined by -2.5%. Nationally, new auto loans declined by -3.3% during the same time period.
Used auto loans: For the year ending in June, used auto loans at New York credit unions grew by 1.2%.
First mortgages: First mortgages increased 11.8% at New York credit unions for the year ending in June, higher than a year earlier when they increased 8%.
Commercial loans: For the same period, commercial loans increased 9.5% at New York credit unions – an increase from 2.5% a year earlier.
The report was emailed to the main contacts at Association member credit unions on Monday. For assistance with accessing the reports, contact the Association’s member relations team at email@example.com or (800) 342-9835 ext. 8546.