The average member relationship is at an all-time high as consumers increasingly recognize the difference a cooperative, member-owned financial institution can make in their lives.
Washington, DC (PRWEB) May 20, 2015
Members are realizing the value of the cooperative model as evidenced by the record $90 billion in lending activity recorded by credit unions during the first quarter of 2015.
According to Callahan & Associates’ Trendwatch webinar, credit union loan originations were 20.8 percent higher than first quarter last year. Consumer loans for autos and credit cards accounted for 60 percent of the total first quarter volume. Mortgage lending was strong as well, with credit unions seeing a 51 percent year-over-year increase in first mortgage originations. Credit unions captured 9.2 percent of U.S. first mortgage activity through March 9, a new high for the industry.
Members are also increasingly turning to credit unions for savings. Regular savings account balances were the fastest growing category, rising 8.3 percent. Member usage of credit union checking accounts – an indicator of their primary financial institution – rose to 54.4 percent as of March 31.
“The average member relationship is at an all-time high as consumers increasingly recognize the difference a cooperative, member-owned financial institution can make in their lives,” said Jay Johnson, EVP of Callahan & Associates. “With an outstanding start to the year, credit unions and their members can look forward to seizing opportunities in 2015.”
For information on acquiring a recording of Trendwatch, please call Callahan & Associates at 1-800-446-7453.
About Callahan & Associates
Callahan & Associates is dedicated to helping the credit union industry thrive. Our team of experts provides leading research, analytics, networking, and consulting solutions. More than 4,000 credit unions and industry suppliers rely on us for the latest data, actionable insights, and benchmarking tools to develop their unique competitive advantages and achieve their strategic goals. Our 30-year history has enabled us to build an unparalleled knowledge transfer consortium that connects the industry’s best minds. To learn how you can join Callahan’s network, please visit http://www.callahan.com.