WASHINGTON—Credit union loans outstanding increased 0.7% in July, compared to a 0.7% increase in June of 2023 and a 1.6% increase in July of 2022, according to CUNA's latest Monthly Credit Union Estimates.
Home equity loans led loan growth during the month, rising 2.9%, followed by unsecured personal loans (2.2%), credit card loans (2%), other mortgage loans (1.6%), used auto loans (0.5%), new auto loans (0.2%), and fixed-rate mortgages (0.01%), CUNA reported.
On the decline during the month were adjustable-rate mortgages (-0.3%).
Additional Numbers
Other data points released as part of the latest monthly estimates include:
- Credit union savings balances declined 1.0% in July, compared to a 0.6% increase in June of 2023 and a 0.1% increase in July 2022.
- One-year certificates led savings growth during the month, rising 3.2%. On the decline during the month were share drafts (-4.4%), followed by regular shares (-1.5%), money market accounts (-0.9%), and individual retirement accounts.
- Credit unions' 60-plus day delinquency increased from 0.6% in June to 0.7% in July, CUNA reported.
- The loan-to-savings ratio increased from 83.3% in June to 84.7% in July. The liquidity ratio (ratio of surplus funds maturing in less than one year to borrowings plus other liabilities) declined from 13.0% in June to 12.1% in July.
- Total credit union memberships grew 0.2% during July to 140.2 million.
- The movement's overall capital-to-asset ratio increased from 8.9% in June to 9.0% in July. The total dollar amount of capital increased by 0.8% to $203.0 billion.
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