According to the latest financial performance data released today by the National Credit Union Administration, total assets in federally insured credit unions increased $82 billion, or 3.8 percent, over the year ending in the second quarter of 2023, to $2.22 trillion.
During the same period, total loans outstanding rose $175 billion, or 12.6 percent, to $1.56 trillion. Insured shares and deposits also grew $31 billion, or 1.8 percent, to $1.72 trillion, from one year earlier.
“The latest quarterly data indicate the credit union system is — overall — generally well positioned,” said NCUA Chairman Todd M. Harper. “The increase in credit union membership, assets, loans outstanding, and insured shares and deposits give us reason for cautious optimism; cautious because the second quarter data highlight a few areas of concern. Namely, a rise in delinquency rates and charge offs and a slight decline in insured shares.”
The NCUA’s Quarterly Credit Union Data Summary provides an overview of the financial performance of federally insured credit unions based on information reported to the agency in the second quarter of 2023. As of June 30, 2023, there were 4,686 federally insured credit unions with 137.7 million members.
Additional highlights from the NCUA’s Credit Union Data Summary for the second quarter of 2023 include:
The NCUA makes credit union system performance data available in the Credit Union Analysis section of NCUA.gov. The analysis section includes quarterly data summaries as well as detailed financial information, a graphics package illustrating financial trends in federally insured credit unions, and a spreadsheet listing all federally insured credit unions as of June 30, 2023, including key metrics.
Access the ‘Compliance Hotline’
Your League-member benefits include the Compliance Hotline — providing exclusive access to dedicated compliance experts:
Using the above phone number and email address, you can gain access to a knowledgeable team that’s ready to address all your credit union’s compliance inquiries — promptly and efficiently. With the Compliance Hotline, you can proactively respond to impromptu questions and issues by getting clarity and insight on technical topics that normally slow you down. We want to help you unlock the full potential of your League membership by leveraging the resources and support you need to navigate the complex world of compliance effortlessly. We’re ALWAYS just a phone call or email away!
Additionally, other League-member compliance resources include:
For more information, email Lisa Quaranta.
Powered by ViClarity, a California and Nevada Credit Union Leagues company.