According to research firm Callahan & Associates, total credit union assets in New York rose by more than 4 percent to $60.37 billion in the first three months of 2012. Savings deposits rose a similar rate, to $52.17 billion, while membership rose by 2.9 percent to a record 4.68 million, exceeding the industry average growth rate of 1.9 percent. Just in the period from January to March, New York credit unions added 56,000 members.
Banks have long fought efforts by the credit union industry to grow, because credit unions do not pay federal income taxes and banks say that gives credit unions an unfair advantage and creates an uneven playing field. Banks have routinely filed lawsuits against credit unions and their regulators to block expansion moves, with limited or no success.