Credit union loan growth is still widely attributed to an increase in vehicle loans, according to April reports. The first few months of 2013 showed surprising growth in the loan portfolio that has credit unions excited about consumer behavior. Dave Colby, Chief Economist of CUNA Mutual was surprised by the vehicle loan portfolio's first quarter... read more
The Bank of America is settling another one of its mortgage related accusations in the amount of $165 million. The National Credit Union Administration accused the bank over shady sales of mortgage-backed securities to corporate credit unions. Bank of America stated that the settlement would be paid for by existing reserves. Since the financial crisis,... read more
A total of 87 percent of adults in the United States own a mobile phone and 87 percent of smart phone users have accessed the internet through their mobile device during the last week. Taking into account these numbers, it only seems logical to bring mobile banking to a consumer market that is constantly on... read more
According to a report released by CUNA, credit unions added a substantial number of new employees for the first time since 2008. The industry experienced a 2.9 percent increase over 2011 with the introduction of 249,399 full-time equivalent employees this year. To reach these conclusions, CUNA pulled in sources like the NCUA financial performance reports... read more
According to a new report by Bankrate.com, almost three-quarters of the nation's largest credit unions still offer free checking account options for members, compared to 39 percent of regular financial institutions, or less than half of banks. The survey took into account the 50 largest credit unions based on total deposits between January 15 to... read more
Consumers are confident that the nation's economy is on the road to recovery as the Dow Jones industrial average ascended this month. The stock market rise was fueled by an increase in gas prices and other factors. Conservative credit union members experienced a spike in their savings that aligned with the Dow's progress. According to... read more
Last year, credit unions throughout the country accounted for 80 percent of vehicle loan growth. The 510 largest credit unions with assets ranging from $404 million to $52.4 billion reported an increase in the industry's total vehicle loan portfolio of 15.6 billion, or 9.3 percent, over a 12-month period. The annual growth demonstrated the highest... read more
In 2012, federally insured credit unions reached an impressive $8.5 billion in earnings. The total is up 36.1% from the previous year and marks the highest earnings to date for credit unions. While the total number of credit unions has dropped from 2011, membership has increased by 2.2 percent, which is now at 93.8 million... read more
Credit unions differ from banks in several ways but now they are beginning to offer investment services in an attempt to lure customers away from banks. Along with offering lower fees, lower interest rates and that personal touch, they also offer financial services. Callahan and Associates claims that nearly 30 percent of credit unions across... read more
Tax time is stressful for everyone. Credit unions are offering tax assistance to their members and the NCUA is reminding them to inform their members of the Earned Income Tax Credit (EITC). This tax credit can be extremely welcome, especially to low-income families. Since its inception in 1975, it has been a continual incentive to... read more
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