The Point: Oct. 1, 2013

New York CUs continue to outpace key national growth averages

During the first half of 2013, New York credit unions continued to outpace national averages in asset growth, share growth, membership growth and loan growth. These trends are highlighted in the New York Credit Union Performance & Trends Report for second quarter 2013, which was recently published by the Credit Union Association of New York in partnership with Callahan & Associates, Inc.

Share growth: New York credit unions saw share balances increase by 5.9 percent, faster than the national average of 4.7 percent, as regular shares and share drafts both grew at a double-digit annual pace. Total shares outstanding at New York credit unions stood at $56.2 billion as of June 30.

Capital levels: Capital levels remain strong at New York credit unions at 10.8 percent of assets. This is a higher level than banks nationwide and banks and thrifts in New York, and is in line with credit unions nationwide.

Member relationship: The average member relationship (the outstanding combined loan and share balances per member, excluding member business loans) at New York credit unions also increased, up to $17,710 at the end of June.

Loan growth: New York credit union loan originations increased 7.7 percent over the first half of 2012 to $9.1 billion. This was due to strong growth in both first mortgage and business loan originations.

  • New York credit unions originated close to $3.8 billion in first mortgages in the first half of 2013.
  • Business loans on the books of New York credit unions increased 14.4 percent from June 2012, as member business loan originations through the end of the second quarter grew 17.8 percent from the first half of 2012. In aggregate, 14.3 percent of New York's loans are classified as business loans-more than double the U.S. average of 6.2 percent.

To view the second-quarter report, log in to the Member Resources section of the Association website.

The quarterly New York Credit Union Performance & Trends Report is provided to member credit unions as a benefit of Association membership. Developed in partnership with Callahan & Associates, Inc., each report delivers the most relevant and up-to-date analysis of key statistics and trends that may impact credit union performance.

Calling all CUs: Registration open for 2014 Scholarship Program

Credit unions and chapters can once again offer college scholarships to deserving young members with the Credit Union Association of New York's annual, statewide Scholarship Program. Last year, participating credit unions awarded $24,500 in scholarships to 37 students through the program.

Credit unions interested in participating in the 2014 program should visit the Association's website for details and registration instructions. The deadline for registration and payment is Oct. 11.

All completed scholarship applications must be submitted to the Association by Feb. 14, 2014. Scholarship recipients will be announced in April.

Virtual ‘Don't Tax' rally, social media blitz tomorrow

Credit unionists from around the country are encouraged to participate in a virtual Don't Tax My Credit Union rally by visiting the Don't Tax My Credit Union website at 2 p.m. tomorrow. Participants will be able to view live video of a physical rally being held at The Credit Union House in Washington, D.C., during the same time.

Credit unionists are asked to contact their congressional representatives tomorrow via the Don't Tax My Credit Union website and through social media messages on Facebook and Twitter with the #DontTaxMyCU hashtag. CUNA is encouraging credit unions to hold "rally watch parties" and share photos of the event on social media as well.

Since launching in May, the Don't Tax My Credit Union campaign has generated more than 900,000 messages to members of Congress-including 15,000 via social media. Numerous campaign resources are available on the Credit Union Association of New York's website.

Association's October webinars begin today

Each month, the Credit Union Association of New York offers a diverse lineup of educational webinars. Ten webinars-beginning today and continuing through October-will cover topics ranging from health care reform to lending to regulatory compliance.

For more information about a specific webinar or to register, visit the Association's Events & Education calendar and choose the appropriate date.

All webinars will begin at 3 p.m. on the dates indicated below:

  • Oct. 1: Consumer Debt Resolution Series: Advanced Bankruptcy Issues;
  • Oct. 2: From Prospect to Member: Skills & Tools for Successful Business Development;
  • Oct. 8: Director Series: Documenting Your Strategic Plan Years 1, 3 & 5: Meeting Examiner Expectations;
  • Oct. 9: Electronic & Hard-Copy Records: What to Keep, What to Destroy, What Holds Up in Court;
  • Oct. 16: Conducting an HR Audit: Compliance Risks, Audit Areas & Best Practices;
  • Oct. 22: Healthcare Reform: Update, Deadlines, Impact;
  • Oct. 23: Dealing with Adverse Action: What to Do & When to Do It;
  • Oct. 24: HMDA Solutions: Achieving Data Integrity for Effective Fair Lending Analysis;
  • Oct. 29: Critical Risk Factors in Loan Portfolio Management; and
  • Oct. 30: Simplifying the Compliance Function: Tools, Checklists & Reporting to Keep You on Track.

Each webinar will be led by a nationally recognized instructor and may be accessed live, on demand and/or on CD-ROM.

Helpful Links

CUNA News Now

Don't Tax My Credit Union Website

Don't Tax My Credit Union Campaign Resources

CUNA Regulatory Advocacy Report (CUNA member log-in/registration required.)

CUNA Legislative Update (CUNA member log-in/registration required.)

New York's State of Mind Blog

Events & Education Calendar

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