Report: IE -based credit unions are doing well
An estimated 16,000 consumers joined an Inland Empire-based credit union during the year that ended Sept. 30, according to data release Monday.
Approximately 357,000 people now belong to one of the 23 credit unions headquartered in Riverside and San Bernardino counties, the highest membership since 2010, the Ontario-based California Credit Union League reported.
During that 12-month period, the number of first mortgages issued by Inland Empire-based credit unions rose nine percent year-over-year, to $404 million. That was the highest amount since 2009 and just short of the $412 million record set in 2008.
Home equity lines of credit and second mortgages dropped four percent, to $146 million, a level not reached since 2003.
Also, used auto loans climbed 12 percent, to $583 million, new auto loans rose 28 percent, to $476 million and credit card lending increased 10 percent, to $103 million, according to the league’s Third Quarter Credit Union Trends Report for the Inland Empire.
Finally, deposits in Inland Empire-based credit unions rose eight percent, to a record $3 billion, the report stated.
“These credit union trends will continue as long as the economy continues to perform well,” said Dwight Johnston, the credit union league’s chief economist, in a statement. “There is nothing that suggests an economic slowdown is imminent, which makes the overall picture for credit unions bright.”