DES MOINES, Iowa (3/24/15)--Punctuated by a 1.9% increase in the fourth quarter, overall loan growth at Iowa's credit unions in 2014 surged by 12.1%, according to Iowa Credit Union League analysis of National Credit Union Administration numbers.
New-vehicle loans climbed 4% in the quarter and 20.9% for the year, while used-vehicle loans rose 2.9% in 4Q and jumped 23.1% for the year.
"Clearly, the numbers point to strong demand for vehicle loans and other types of consumer credit," said league President/CEO Patrick S. Jury. "With growing confidence about job stability and higher household income, credit union members are spending money again. This is showing up in higher loan growth and subdued growth in savings accounts."
Total memberships at Iowa's 107 credit unions increased by 2.2% over the 12-month stretch, pushing memberships in Iowa over the 1 million mark. Nationwide, credit unions surpassed the 100 million membership mark in June--a number equal to one-third of the U.S. population--and have since reached more than 102.3 million, according to the latest monthly estimates from CUNA.
Additional numbers from the league: