ST. PAUL, Minn., and ALBANY, N.Y. (6/11/15)--Member business lending strength propelled productivity gains among Minnesota and New York credit unions, according to reports from the respective state leagues.
Recent data from the National Credit Union Administration indicates that Minnesota credit union member business lending grew 12.9% between the first quarters of 2014 and 2015, outpacing the national credit union growth rate of 11.6%, the Minnesota Credit Union Network (MnCUN) reported.
In New York, member business loans grew 12% in the past year, the New York Credit Union Association (NYCUA) reported (The Point June 10).
Automobile lending was similarly robust in Minnesota, with an 18.7% increase for new vehicles and a 10.4% jump for used vehicles. Mortgage growth rose 6.1% on a year-over-year basis for Minnesota’s credit unions.
Delinquent loans at Minnesota credit unions decreased by nearly 9%.
“These results show that Minnesota businesses and consumers are feeling more confident about their long-term financial picture, and they continue to choose credit unions as their partner for these investments,” said MnCUN President/CEO Mark Cummins. “They are making more long-term investments that are helping their communities and families prosper, and their credit unions are working with them to achieve those goals.”
In New York, new-auto loans grew by 19.1% in the past year, a continuous increase from the 2014 growth rate of 17.4%. Used-auto loans also continued to climb at a rapid rate in the past year, increasing by 14.3% in the quarter, which outpaced the national average of 13.2%.
"The first quarter of 2015 has been substantial for the New York credit union movement," said William J. Mellin, NYCUA president/CEO. "The state's credit unions continue their mission of providing financial services to their members, while empowering individuals and small businesses in their communities to thrive and realize their financial independence. Credit unions put New Yorkers first, which is why there are now more credit union members than ever in New York."