Federally insured credit unions saw shares and deposits increase by $219.9 billion, or 14.4 %, to $1.75 trillion over the year ending in the third quarter of 2021, according to the latest financial performance data released by NCUA. Regular shares increased $95.8 billion, or 17.6%, to $640.0 billion.
Total assets in federally insured credit unions rose by $231 billion, or 12.9%, to $2.02 trillion in the third quarter of 2021.
“Federally insured credit unions, as a whole, continued to perform well in the third quarter,” said NCUA Chairman Todd Harper. “Lending has increased 5.8% compared to this point a year ago, and delinquency and charge-off rates are down. And, nearly five million new members have joined a federally insured credit union in the last 12 months. That is all good news.”
“There is, however, wisdom in the age-old advice: If you fail to plan, you plan to fail,” Harper added. “While the third quarter data appear strong, federally insured credit unions should brace for potential challenges ahead like inflation and interest rate risk. They should also prepare for increases in credit risks now that many pandemic-relief programs have ended.”
Highlights from the NCUA’s Quarterly Data Summary Report for the third quarter of 2021 include:
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 that filed a call report as of Sept. 30, including key metrics.