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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.
CUSOs help credit unions provide key services to members.
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.
With rising Federal Reserve rates and increased consumer confidence, the credit union industry posted positive year-over-year investment growth in the first quarter for the first time since 2013.
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.
For the 10th consecutive quarter, credit unions increased share balances. Share balances increased a record-breaking 8.4% and neared $1.2 trillion in the first quarter of 2017.
Credit card lending is on the rise at the nation's credit unions.
In the past five years, not only the types of mortgage originations but also the average size of first mortgages have changed.
The benefits are endless!