Credit union loan lending and membership on the rise
More people are turning to credit unions to set up accounts and manage their finances. Albuquerque Business First reported credit unions saw an increase in loans and membership. There was a 7.2 percent increase in credit union loans, with a 2.7 percent increase in membership for the institutions. This shows significant growth for the state.
There were $4.9 billion in loans in 2012, an increase from the $4.6 billion in 2011. Additionally, membership grew from 692,000 in 2011 to 710,600 in 2012. More people may be looking to credit unions to secure their finances and manage their funds better as the economy improves.
Another study showed that credit unions saw significant growth since the economy fell in 2008. According to Credit Union Times, unions have loaned approximately $1 billion every day in 2013. The U.S. union portfolio has seen the fastest growth in five years, with it expanding 5.4 percent in the past year. The report, performed by Callahan & Associates, says the movement is good and the financial industry is building momentum. This may require institutions to turn to money counters or check processing technology for the influx of customers coming through the doors.