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NV LOAN GROWTH: PRE-RECESSION LEVELS
updated 08/19/14 12:28 PM
California Lending Almost Doubles
Industry-wide loan growth at Nevada credit unions in the second quarter nearly hit levels unseen since the same period in 2005—a phenomenon mirroring a positive trend in California and across the nation.

The considerable lending rebound is spelled out in the numbers: Growth was 4.7 percent, making the second quarter almost solely responsible for the 5.1 percent growth in loans for the first half of the year, according to data gathered by the Credit Union National Association (CUNA).

Nevada credit union loan portfolios bucked the national trend of auto lending fueled growth, with credit card loans as the top performer. Card balances grew 7.2 percent in the first half of 2014, followed by used vehicles, first mortgages, and new vehicle loans—5.9 percent, 4.4 percent, and 2.3 percent, respectively.

Nevada Deposits Rise
Nevada consumers continue to work on increasing their savings. Credit union savings balances grew 0.6 percent in the second quarter of 2014, and by 4.4 percent in the year ending June 2014.

With historically low market interest rates, consumers are focusing on building short-term liquid accounts: The state’s credit unions reported regular savings account balances grew by 3.6 percent in the first six months of 2014, while checking account balances grew by 2.9 percent and money market balances grew by 6.4 percent over the same period.

California Loan Growth Nearly Doubles
Meanwhile, loan growth at California credit unions for the second quarter grew at 4 percent—nearly double the first-quarter rate. It was the best second quarter since the start of the recession in 2007.

In a similar vein to the first quarter, nearly every category of California credit unions’ loans reported growth. Once again, auto loans remained the fastest-growing component of loans, with new vehicle lending growing by 17.6 percent, while used auto loans grew by 8.1 percent.

Mortgages also saw an accelerated rate of growth, increasing by 5.6 percent and 2.3 percent for first and second mortgages, respectively.

Rounding out loan growth was other unsecured loans, excluding credit cards, which grew by 4.6 percent.

California Deposits Increase
California credit union savings balances grew 3 percent in the first half of 2014, and by 3.6 percent year-over-year. Consumers remained focused on short-term liquid accounts.

In addition, credit union memberships in the state grew by 0.9 percent in the first half of the year—and by 2 percent in the 12 months ending June 2014—as credit unions nationwide reached the 100 million membership milestone.

 
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SUPP. CAPITAL FOR RBC GAINS ADVOCATE updated 12/16/14 11:04 AM
McWatters Supports Model for CUs
National Credit Union Administration (NCUA) Board Member J. “Mark” McWatters recently said he supports including a supplemental capital provision in the agency's risk-based capital (RBC) rule to help credit unions meet the rule’s requirements.

CU DIRECT TO DONATE 20K TO CMN updated 12/16/14 11:03 AM
‘20 for 20’ Anniversary Campaign
CU Direct, the nation’s leading provider of lending, automotive, and strategic solutions for credit unions, is celebrating its 20th anniversary by holding a contest to donate $20,000 to one of the nation’s Children’s Miracle Network (CMN) hospitals.

NCUA MAY BE LIABLE FOR DATA BREACH updated 12/16/14 10:05 AM
Flash Drive with Member Info Lost
The National Credit Union Administration (NCUA) confirmed on Dec. 15 that a flash drive containing the personal information of Palm Springs FCU member was lost during a recent audit. The loss of data includes names, addresses, Social Security numbers, and account information.

PREPARE FOR HEALTH CARE REQUIREMENTS updated 12/16/14 09:42 AM
Also, Digital Media and Marketing
Federal health care law requirements, creating a quick digital message, and the marriage of innovation with marketing are all highlighted within the latest “Problem? Solved!” column in Credit Union Digest!