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.
For the first time, credit union membership has crested 140 million, according to the CUNA data.
Home equity loans led loan growth during the month, the trade group’s economists said, rising 2.9%. That growth was followed by unsecured personal loans (2.2%), credit card loans (2.0%), other mortgage loans (1.6%), used auto loans (0.5%) new auto loans (0.2%), and fixed-rate mortgages (0.01%).
On the decline during the month were adjustable-rate mortgages (-0.3%).
On the other side of the balance sheet, 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 of 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 (-0.2%), according to CUNA.
Other Metrics
Other CU performance metrics through July included:
- Asset quality: Credit unions’ 60+ day delinquency increased from 0.6% in June to 0.7% in July.
- Liquidity. The loan-to-savings ratio increased from 83.3% in June to 84.7% in July. “The liquidity ratio (the 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,” CUNA said.
- Membership. Total credit union memberships grew 0.2% during July to 140.2 million.
- Capital. 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, CUNA said.
Are You Being Gouged for Bank-Like Subscription Fees for Old News? Here’s a CU-Like Way to Fix That
The biggest, best and freshest news reporting in credit unions remains free! Each morning CUToday.info delivers its daily Fresh Today news update offering the latest headlines and breaking news right to your email, with the easy-to-read headlines format allowing you to click on the stories that interest you most in order to learn more. So stop paying those bank-fee-like subscription prices from other so-called “news”” publications!
If you haven’t yet signed up for the new email solution on which CUToday.info has partnered with ResponseGenius, you can do so here. Signing up requires less than one minute of your time—and it’s free!
Please note that after signing up you may need to go to your Spam/Junk folder and mark the morning headlines email as safe. CUToday.info does not provide its list of readers and emails to outside parties, and we will not be contacting you to sell you an extended warranty or sending you any links so you may cash in on an inheritance you didn’t know was coming.
And did we mention it’s free?