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LOANS OUTPACE SAVINGS AT CA CUs
updated 02/23/14 10:25 AM
Growth Positive For NV CUs
Loan growth in California outpaced savings growth in 2013—the first time that’s happened since 2007, according to preliminary fourth-quarter data from the Credit Union National Association. Meanwhile, loan growth in Nevada reached into the positive territory for the first time since 2007, posting a 0.6-percent increase.

Overall, California credit union loan portfolios grew by 2.8 percent in the fourth quarter, resulting in a 6.3 percent increase for the year. In contrast, savings balances increased by 0.32 percent in the fourth quarter, and by 3.7 percent in the year.

The 6.3 percent full-year loan portfolio increase was the largest percentage increase California credit unions have experienced since 2006. Auto lending continued to drive overall loan growth results in 2013, reflected in a 22-percent full-year jump in new vehicle loans and a 13.9-percent increase in used auto loans. Personal unsecured loans grew by 11.8 percent in the year; first mortgages increased 6.9 percent while business loans grew by 5.4 percent and credit cards by 5.1 percent.

Total memberships in the state’s credit unions grew by 1.23 percent in 2013 – the strongest increase since 2007. In contrast, the Census Bureau reports the state population grew by 0.88 percent in 2013.

In Nevada, credit unions saw another noticeable uptick in savings, with a 0.5-percent increase in the fourth quarter of 2013, finishing the year with a 3.2 percent increase. Used auto, unsecured personal loans, and credit cards finished the year 2013 with increases of 13.6 percent, 5.4 percent, and 4.8 percent, respectively.

On the savings side, the state’s credit unions reported regular savings account balances grew by 9.0 percent at year-end 2013, while checking account balances grew by 0.9 percent and money market balances grew by 2.0 percent year over year.

“The jump in auto lending in California showed that the pent-up demand among consumers pulled them into dealer showrooms as well as credit union branches,” said California and Nevada Credit Union League's Vice President and Chief Economist Dwight Johnston. "The improved economic outlook also was demonstrated in the strong 2013 lending results in nearly every key loan category—from personal unsecured loans and first mortgages to business loans and credit card usage. Improvement in the California job market and rising home values resulted in greater confidence on the part of borrowers.”

“Deeper analysis of the lending picture in Nevada points to an increase in demand being largely driven by mid-level consumer purchases, mostly used auto, unsecured personal loans, and credit cards,” Johnston added. “These three categories provided strong enough growth to push the overall loan growth into positive territory in the fourth quarter. After lagging the recovery in the rest of the U.S., Nevada began what appears to be a sustainable rebound in jobs and construction in the second half of 2013.”

 
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WEEKLY E-FILING BILL SIGNED INTO LAW updated 08/28/14 02:18 PM
Will Streamline Reports for CUs
California Gov. Jerry Brown has signed Assembly Bill 2298, legislation that will allow financial institutions which hold local agency deposits to submit their weekly reports to the California Department of Business Oversight (DBO) electronically rather than through U.S. mail.

NEW STATE LAWMAKERS SHAPE DIRECTION updated 08/27/14 08:24 PM
California Assembly and Senate
New leadership in California will help form the state’s priorities in the coming years. Here’s what your credit union needs to know:

CFPB ISSUES FINAL 'TILA' ADJUSTMENTS updated 08/24/14 11:35 AM
Rule Reviews Dollar Amounts
The Consumer Financial Protection Bureau (CFPB) is issuing its final rule on Truth in Lending Act (TILA) annual threshold adjustments, amending the regulatory text and official interpretations for Regulation Z, which implements TILA.

NIGHTTIME GOLF TOURNAMENT COMING updated 08/22/14 04:41 PM
Funds Benefit League PAC
Beat the heat and golf by moonlight! The Southern Nevada Chapter of the Nevada Credit Union League is bringing back the PAC Nighttime Golf Tournament on Saturday, Oct. 4 at the Boulder City Municipal Golf Course. Shotgun start is at 6:30 p.m.