WASHINGTON—Credit union loans outstanding increased 2.1% in September, according to CUNA's latest Monthly Credit Union Estimates.
That number is similar to the 2.0% increase in August of 2022 and above the 0.6% increase in September of 2021, CUNA said.
According to CUNA, “other mortgage loans” led loan growth during the month rising 5.1%, followed by home equity loans (3.8%), other loans (3.2%), new auto loans (3.1%), used auto loans (1.9%), unsecured personal loans (1.9%), fixed-rate mortgage loans (1.1%), adjustable-rate mortgage loans (0.9%), and credit card loans (0.7%).
Credit union savings balances increased 0.7% in September, compared to a -0.2% decrease in August of 2022 and a 0.7% increase in September of 2021. Share drafts led savings growth during the month rising 4.2%, followed by one-year certificates (2.1%), CUNA said in its analysis.
On the decline were regular shares -0.9%, followed by money market accounts (-0.7%), and individual retirement accounts (-0.4%), CUNA said.
Additional Data Points
Other data points from the most recent data include:
- Credit unions’ 60+ day delinquency remained at 0.49% in September.
- The loan-to-savings ratio increased to 78.9% in September compared to 77.9% in August. The liquidity ratio (the ratio of surplus funds maturing in less than one year to borrowings plus other liabilities) declined from 13.5% in August to 13% in September.
- Total credit union memberships rose 0.2% in September to 136.1 million.
- The movement’s overall capital-to-asset ratio declined to 8.5% in September compared to 8.9% in August. The total dollar amount of capital decreased 3.6% to $188 billion, CUNA noted.
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