Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

CU System
NY CU Loan Growth Up 50%, Says CUANY
ALBANY, N.Y. (3/29/13)--Credit unions across New York State continued to post strong financial performance and exceed national averages in many key categories during fourth quarter 2012, said the Credit Union Association of New York.

Data show that New York credit unions are growing and lending at a pace that far exceeds national averages. Most notably, New York credit unions had annual outstanding loan growth of 6.5% in 2012, significantly higher than the national average of 4.5%. Loans to businesses were up by 14.6% over 2011 totals.

"This report clearly shows that credit unions are playing a significant role in helping grow the economy and provide critical funds to families and businesses in the communities they serve," said William Mellin, CUANY president/CEO. "Credit unions are truly about people helping people--and having New York outpace national trends demonstrates that New York consumers understand this philosophy more and more each year."

Other highlights:

  • Annual growth figures for assets, shares, members and loans in 2012 exceeded national averages, and the average member relationship increased.
  • Credit unions in New York saw share balances rise 7.8%, faster than the national average of 6.1%. Regular shares, money market accounts and share drafts grew at a double-digit annual pace.
  • Asset quality for the state's credit unions improved. The overall delinquency rate was 1.26%, which is below the local bank average.
  • Capital levels remained high at New York credit unions at 11.3% of assets. This is a higher level than New York banks and thrifts, as well as credit unions and banks nationwide.
  • Business loans at New York credit unions increased 14.6% from 2011, with member business loan originations totaling nearly $3 billion in 2012.
CUANY said the data are from a quarterly Credit Union Performance and Trends Report by Callahan & Associates.


RSS print
News Now LiveWire
#FreeGasFriday courtesy of @tvfcu, TN #creditunions http://t.co/wDRFYJVlpz
1 Day ago
If you were unable to watch or attend @cuna 's @thehill Hill forum on Wed., you can now watch the archived version: http://t.co/FhUnp7HbU8
1 Day ago
Time is running out. If you haven't taken the #NewsNow readership survey, please click here now: http://t.co/4Gp6C2Wa4o
1 Day ago
African financial inclusion possible with mobile money: @IMFNews study http://t.co/0V5DTQToxY
26 minutes ago
Louise Herring's birthday is Saturday. 105 years later, her legacy lives on through her kids http://t.co/oMqGADmo0d http://t.co/T3NmS9NqEY
1 hours ago