MADISON, Wis.–There are some “interesting developments” in the economic data included in CUNA’s newest Monthly Estimates, according to Mike Schenk.
Schenk, vice president of research and policy analysis with CUNA, said the new numbers continue to show that lending remains very strong overall among credit unions, and was up 13.9% during September, reflecting an annualized rate of 21%.
He said that continues to be the fastest lending growth credit unions have seen in the CUNA data that goes back to the 1980s.
“The growth we're seeing within credit union portfolios is broad-based, with very strong, double-digit growth in mortgages, automobile loans and in unsecured loans,” Schenk said.
He further noted that asset quality remains a very high, with both delinquency rates charge-off rates near historical loans.
“It's a good report with a lot of activity in credit union membership,” said Schenk. “People are trying to get those loans at affordable prices before the Fed continues its path of raising interest rates.”
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