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The success of both the credit union and the member should increase as their relationship deepens over time.
Shorter-term rates have moved higher, but the bumps in the overnight rate have had little impact past the two-year note.
Auto loans, the second-largest component of the credit union loan portfolio, expanded 13.8% over the past 12 months.
Total revenue reached $15.5 billion in the first quarter of 2017. That’s up 8.1% year-over-year from the $14.3 billion credit unions posted in the first quarter of 2016.
Credit card lending is on the rise at the nation's credit unions.
Credit unions that participate in member business lending, a full 35.9% of the industry, posted 15.2% year-over-year growth, and total MBL balances hit a record high of $62.7 billion as of March 31, 2017.
First quarter 2017 marked the 11th consecutive quarter that credit unions have posted double-digit lending growth.
CUSOs help credit unions provide key services to members.
In the past five years, not only the types of mortgage originations but also the average size of first mortgages have changed.
Credit union membership was 109.4 million as of March 31, 2017. That’s nearly 4.4 million more members than 12 months ago.
The benefits are endless!