Total loans outstanding at federally insured credit unions grew 6.8% in the year ending Sept. 30, 2013, according to a recent analysis by the NCUA.
Agency says membership also increased in 43 states and territories and declined in nine.
Total loans reach $631.5 billion as net worth ratio reaches highest level since 2008.
Nearly half of all credit union loan growth this year can be traced back to auto loans, setting the stage for record expansion across the industry for 2013.
This Opinion piece looks at some realities credit unions need to keep in mind as loan growth picks up.
CUNA Mutual Group says credit union-held member vehicle loans up 19% from low point in March 2011.
Credit unions in the two states added 433 staffers in the past 12 months, league says.
Experts cite low delinquency rates, loan and non-interest income revenue growth.
Annual vehicle loan portfolio growth rose to 10.4% in July, which was the strongest growth since September 2005, CUNA economist says.
Credit unions nationwide exhibited strong growth patterns during the first half of 2013, according to the NCUA Quarterly U.S. Map Review.