Loans at US Credit Unions Hit Nine Year High in 2014

The National Credit Union Administration stated that US citizens were more willing to take credit in 2014 leading to a growth in loan increases at US credit unions that reached $712.3.

WASHINGTON (Sputnik) — US citizens were more willing to take credit in 2014 leading to a growth in loan increases at US credit unions that reached $712.3, the highest level in nine years, the National Credit Union Administration (NCUA) said in a statement.

“Loan growth at federally insured credit unions in 2014 climbed to the highest level since 2005,” the statement, issued on Monday said. “Total loans reached $712.3 billion.”

Americans were more willing to take risks and assume loans, which led to a 10.4 percent growth in outstanding loans between the end of 2013 and end of 2014, according to the statement.

NCUA explained that total first mortgage loans grew two percent, totaling $292.2 billion, and second mortgage loans grew 0.7 percent, reaching $72 billion, both signs of increased American consumer sentiment.

However, 2014 saw long-term investments decline 3.5 percent or $276 billion, the statement said. All categories across the board saw investment declines except those with maturities of one to three years, which increased 11.8 percent to $99.7 billion.

Such development represented a decreasing economic confidence as Americans opted to save more to grow their assets.

Assets grew 5.7 percent or $60 billion, with total assets nearing $1.12 trillion, the statement said.

Additional signs of increased consumer savings are found in the share and deposit accounts at US credit unions, which increased $11.7 billion to $951 billion.

The NCUA is an independent US federal agency tasked with regulating, chartering and supervising federal credit unions.