Credit Unions Hit 100 Millionth Membership
Credit unions have reached and surpassed 100 million memberships nationwide – equating to one in every three Americans – J. Scott Sullivan, President and CEO of the Nebraska Credit Union League, announced today. The 100 million memberships count is based on data collected from credit unions and compiled by CUNA in its June 2014 “Monthly Credit Union Estimates.” CUNA estimates that credit union memberships expanded by 2.9% in the past 12 months (June 2013 to June 2014), and the 100 million mark was eclipsed in June. This represents a continuation (and acceleration) of trends previously reported: In 2013 memberships expanded by 2.5% and in 2012 memberships grew 2.1%. CUNA expects the membership growth to continue in the second half of 2014 and exceed the full-year growth of the previous year. Read the full Press Release.
NCUA Launches Interest Rate Risk Resource Page
NCUA launched a new resource page last week, which is intended to help credit unions better understand and prepare for changes in interest rates and the associated risks. The new page contains: relevant videos; images detailing interest rate trends; and links to NCUA regulations, letters, advisories and recommended best practices. Under an NCUA rule adopted in January 2012, federally insured credit unions are required to implement an interest rate risk management program and maintain a written policy as part of their asset liability management responsibilities. The rule has been in effect since September 2012.