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.
ARTICLES CALL ON LAWMAKERS TO ACT updated
09/15/14 02:07 PM
Data Breaches in Focus
Various opinion articles defending the credit union movement’s stance on data breaches were published in five regional and community newspapers across California and Nevada within the past week as the latest data theft incident at national retailer Home Depot continues to be critiqued in the media spotlight.
GAIN EXPERIENCE ON LEAGUE COMMITTEE updated
09/15/14 01:21 PM
Submit Committee Interest Questionnaire
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LEAGUE ADVOCACY BLOG GAINS TRACTION updated
09/12/14 04:13 PM
Sign Up for Alerts
The new Advocacy Blog launched by the California and Nevada Credit Union Leagues in August is gaining steam as more credit union advocacy professionals and others in the industry continue signing up to receive e-mail alerts on important state and federal updates.
FOCUSED ON 'ONE TO ONE' RELATIONSHIP updated
09/12/14 02:01 PM
Printing Industries CU
Susan Conjurski’s biggest hurdle is making sure her credit union keeps a competitive edge with larger financial institutions—a task that’s “quite a challenge,” she says.