Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

CU System
N.Y. CUs originated 735M in MBLs last year
ALBANY, N.Y. (7/25/11)--Loan originations at New York credit unions last year increased 22.5% from the first quarter of 2010 to first
Click to view larger image Click for larger view
quarter 2011, nearly double the 12.7% increase of loans originated by credit unions nationwide. New York credit union growth figures for assets and shares all exceeded national averages as well, said the Credit Union Association of New York (CUANY). Member business loans originated by New York credit unions totaled $735 million through March 2011--a 62.3% increase from March 2010. More than half of the MBL portfolio is made up of commercial and industrial loans. Other highlights for New York credit unions:
* They originated $1.3 billion in first mortgages through the end of March, up 38.6% from March 2010; * The membership growth rate was 2.43% since the previous March, which is more than four times the national 0.56% average for the same period; * Assets grew 6.95%, vs. 4.59% for credit unions nationally; * Shares rose 7.82%, compared with the national average of 4.92%.
With an average core capital of 11.1%, New York credit unions remain more highly capitalized than New York banks and thrifts, as well as credit unions and banks nationwide. "These numbers show how well our credit unions have weathered and continue to weather the current recession," said William J. Mellin, president/CEO of CUANY. "During this challenging economy, where consumer trust in traditional financial institutions has slipped, more and more people are learning about credit unions and their commitment to their members and the communities they serve."


RSS print
News Now LiveWire
#creditunion CEO confidence continues upswing See #NewsNow http://t.co/GBFxLbhCSX
35 minutes ago
Housing starts swell in July #NewsNow #Market http://t.co/EdKIhXEj9l
17 hours ago
Consumer inflation tapers after spring surge #NewsNow #Market http://t.co/bgvQd8fyuF
17 hours ago
Have you read this one today in #NewsNow? What NCUA examiners look for on cybersecurity efforts: NCUA Report http://t.co/4g5wUavUAe
18 hours ago
.@CFPB sets $2.75M fine v. auto finance co. it says "distorted consumer credit records for years": TX-based First Investors Fin. Serv. Group
19 hours ago