State-chartered CUs saw strong growth in 2015
March 4, 2016 (UPDATED) ---State-chartered, federally insured credit unions grew in 2015 at strong rates in both assets and memberships, as indicated by year-end data released by NCUA this week.
Overall, the state credit unions (or FISCUs) saw assets grow by 9.6% and memberships advance by 5.5%. By comparison, FCUs saw assets grow by 5.3% and memberships rise by 1.8%, according to numbers published by NCUA. (Note: These numbers updated from an earlier version of this item.)
“Growth of credit unions, regardless of charter, is good for consumers and the nation’s overall financial well-being,” said Lucy Ito, president and CEO of NASCUS. “We are encouraged that state-chartered credit unions are thriving under their states’ regulatory regimes, which indicates the continuing strength of the dual-chartering system.”
In total numbers, FISCUs at year-end 2015 held $576 billion in total assets, or 48% of all assets in federally insured credit unions. As for memberships, the state-chartered CUs held 48.4 million, or 47% of all memberships. In assets, the FISCU portion increased last year by .98%.
(These numbers do not yet include totals for state-chartered, privately insured credit unions, which NASCUS will update later.)
The total number of federally insured credit unions dropped by 252, in 2015, according to the NCUA numbers. State credit unions made up about one-third of that number (at 91 credit unions), while federal charters comprised the remaining two thirds, at 161 FCUs.