Total assets from the U.S. credit union industry nearly reached the $1 trillion mark in February, according to data from the Credit Union National Association (CUNA).
The credit union industry's total assets were recorded at $999.1 billion in February, a 1.9% increase from January and a 5.3% increase from February 2010.
‘Credit unions are poised to pass the $1 trillion asset mark in March,’ says Bill Hampel, CUNA's chief economist. ‘That's one of the easiest predictions I've had to make. It's also gratifying to see strong membership growth continue into 2012.Â Membership growth in just the first two months of 2012 is close to membership growth for the whole year 2010.’Â Â Â Â
Credit union loans outstanding decreased 0.2% during February to $584.8 billion, after a 0.1% decline in January. Loans totaled $574.2 billion in February 2011. Adjustable-rate mortgages led loan growth with a 0.7% increase, followed by fixed-rate mortgages, which grew 0.4%.