Massachusetts’ 226 credit unions, which hold some $26 billion in assets, have seen growth in assets, deposits, loans, and membership according to data compiled from quarterly reports released last week by the National Credit Union Administration.

 

Over the first nine months of the year, the state’s credit unions had aggregate growth in assets of 5.95% growing to $26 billion from $24.6 billion at the first of the year. This figure was nearly identical to the national growth rate of 5.7%. 

 

Savings in the Commonwealth’s credit unions are up by 3% since the beginning of the year. Nationally, savings grew by 5%.

 

Some of that money may have been deposited by new credit union members. The data shows that Massachusetts credit unions have added approximately 54,000 new members in 2008 to date representing a 2.2% increase.

 

Despite the fact that consumers have been hearing a great deal about the credit crunch, Bay State credit unions are ready to meet their borrowing needs. Loans outstanding at Massachusetts credit unions have grown by more than 6% or $1.1 billion dollars since the beginning of the year.  Loans were up nationwide by 5.6%.

 

 

More than 600 credit unions tuned into last Wednesday’s live webinar from the Credit Union National Association (CUNA) to address the challenges presented to credit unions as a result of the financial crisis. The event featured CUNA President/CEO Dan Mica, Political Affairs Senior Vice President Richard Gose, Legislative Affairs Vice President Ryan Donovan and Senior Economist Steve Rick.

 

Rick provided an update of the current economic climate, Gose gave an overview of the election results, and Donovan offered a legislative update. Each focused on the credit union impact.

 

With a new “working majority” in Congress, Mica said credit unions have a number of vital issues coming up. “Some issues will be in our best interest, and some will not,” he explained. “We will need to be even more nimble to move from one end of the spectrum to the other.” Mica also provided a glimpse of CUNA’s approach to these issues in the 111th Congress.

 

The group discussed the opportunities and challenges ahead for credit unions--including secondary capital, prompt corrective action reform, member business lending, protecting credit unions’ regulatory structure/insurance fund, and leveraging the “white hat” image to help members and the country.

 

Affiliated credit unions can watch the one-hour archived webinar by clicking on this resource link http://training.cuna.org/member/EW11198_nfo.html.

 

 

The Credit Union Center will be closed for the Thanksgiving Holiday on Thursday, November 27th and Friday, November 28th. The board of directors and staff of the League wish you and your families a happy and safe holiday!

 

For the Christmas holiday, the Credit Union Center will be closed Thursday, December 25th and Friday, December 26th.