Auto, Real Estate Lending Lead Loan Growth in Second Quarter
Total loans at federally insured credit unions reached $745.2 billion in second quarter of 2015, an increase of 3.2 percent from the previous quarter and 10.6 percent from a year earlier, according to the most recent Call Report data released by NCUA. Over the year, loans grew across all asset sizes and in every major category. More than three million Americans joined credit unions since end of the second quarter a year ago bringing total membership to more than 101 million nationwide.
Idaho and Arizona Lead in Median Loan Growth Rates
According to NCUA’s most recent state-level data, Idaho and Arizona had the highest median growth rates for loans, at 13.4 percent and 9.6 percent respectively. This puts them ahead of national median average of 4.0 percent for all federally insured credit unions. Median loan growth was slowest in Arkansas, which reported 0.5 percent median loan growth. Nationally, four-quarter median asset growth and median shares and deposits were both up slightly from the previous year, while median delinquency rates declined.
A Strong Verification Process Protects Apple Pay Users
A quick internet search for the words "Apple Pay" and "fraud" reveals that instances of credit card fraud have occurred since the new payment system became available last year. How are fraudsters doing this? They’re using stolen credit card information and simply registering the card on their phones. This is where a credit union’s verification process is critical. A strong verification process can reduce the potential for fraud when registering for this new payment system.
New NCUA Consumer Assistance Center Technology Improves Complaint Resolution
Resolving consumer complaints will be easier and more efficient thanks to improved online Consumer Assistance Center launched today. Starting today, consumers will be able submit inquiries, complaints and additional documentation online through a secure portal. For the first time, they will also be able to check the status of their complaints online. The new online Consumer Assistance Center portal is located on the agency’s consumer website,
Severe Weather Can Destroy a Consumer’s Financial Stability
Natural disasters can affect all aspects of a consumer’s life. Unfortunately, studies indicate that more than half of Americans would have trouble coming up with as little as a $1,000 in the event of an emergency. As we enter the middle of severe weather season, credit unions are encouraged to reach out to their members about establishing an emergency savings fund, also known as a “rainy day” fund, to help safeguard against a future financial storm.