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.
CHAPTER FORUM, RECEPTION ENGAGES CUs updated
10/27/14 06:55 PM
Networking and Awards after 'REACH'
Credit union chapter members from across California and Nevada gathered Oct. 23 at the JW Marriott (L.A. Live) in downtown Los Angeles to attend the 2014 Chapter Forum, which offered a full day of valuable networking and educational sessions for attendees who were eager to share individual stories about the work their chapters are accomplishing.
NEEN JAMES CHALLENGES CUs AT 'REACH' updated
10/27/14 04:17 PM
'Time is the New Currency'
By Wednesday afternoon, nearly 700 credit union CEOs, professionals, industry vendors, and guests had attended REACH 2014, the California and Nevada Credit Union Leagues’ Annual Meeting and Convention from Oct. 20-22 at the JW Marriott (L.A. LIVE) in downtown Los Angeles.
CFPB, FTC HOST DEBT COLLECTION FORUM updated
10/27/14 03:31 PM
Latino Consumers Discussed
The Federal Trade Commission (FTC) and Consumer Financial Protection Bureau (CFPB) recently hosted an all-day forum on “Debt Collection and the Latino Community,” which brought together consumer advocates, industry professionals, and regulators to discuss how debt collection issues affect Latino consumers, especially those with limited English proficiency (LEP).
FinCEN: QUARTERLY UPDATE ON 'SARs' updated
10/27/14 03:09 PM
Also, Mortgage Service Transfer Guidance
The Financial Crimes Enforcement Network (FinCEN) has issued its SAR Stats quarterly update, which provides information on Suspicious Activity Reports (SARs) filed through Sept. 30, 2014.