WASHINGTON—Despite a weakening economy, the data again show lending continues to grow at credit unions.
Credit union loans outstanding increased 1.9% in August, compared to a similar 1.9% increase in July of 2022 and a 1.0% increase in August of 2021, according to CUNA's latest Monthly Credit Union Estimates.
According to CUNA, “other mortgage loans” led loan growth during the month rising 3.9%, followed by unsecured personal loans (3.3%), home equity loans (3.0%), adjustable-rate mortgage loans (3.0%), other loans (2.9%), new auto loans (2.6%), used auto loans (1.6%), credit card loans (1.3%), and fixed-rate mortgage loans (0.9%).
Additional Data Points
Other data points through August reported by CUNA in its report include:
- Credit union savings balances declined -0.2% in August, compared to a 0.1% increase in July of 2022 and a 0.1% increase in August of 2021. One-year certificates led savings growth during the month rising 2.9%, followed by individual-retirement accounts (0.1%)
- On the decline were money market accounts -0.7%, followed by share drafts (-0.8%), and regular shares (-0.9%), CUNA said.
- Credit unions’ 60+ day delinquency remained at 0.49% in August.
- The loan-to-savings ratio increased to 77.9% in July compared to 76.2% in July. The liquidity ratio (the ratio of surplus funds maturing in less than one year to borrowings plus other liabilities) declined from 14.8% in July to 13.5% in August.
- Total credit union memberships rose 0.3% in August to 134.6 million.
- The movement’s overall capital-to-asset ratio declined to 8.9% in August compared to 9.0% in July. The total dollar amount of capital decreased -1.4% to $194 billion.
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