WASHINGTON—Credit union loans outstanding increased 1.4% in October 2022, according to CUNA's latest Monthly Credit Union Estimates. This is compared to a 2.0% increase in September 2022, and a 1% increase in October 2021, according to the trade association.
Home equity loans led loan growth during the month rising 6.0%, followed by adjustable-rate mortgage loans (3.4%), unsecured personal loans (2.6%), other mortgage loans (1.9%), credit card loans (1.4%), used auto loans (1.3%), new auto loans (1.0%), fixed-rate mortgage loans (0.8%), other loans (0.7%), the CUNA analysis shows.
Meanwhile, CUNA reported credit union savings balances decreased 0.7% in October, compared to 0.6% increase in September 2022, and a 0.9% increase in October 2021. One-year certificates led savings growth during the month rising 3.7%.
Individual retirement accounts (-.04%) were on the decline, followed by regular shares (-0.9%), money market accounts (-1.5%), and share drafts (-2.7%), CUNA said.
Additional Data Points
Other data points in the CUNA Estimates include:
- Credit unions’ 60+ day delinquency increased to 0.51% in October.
- The loan-to-savings ratio increased to 80.6% in October compared to 79% in September.
- The liquidity ratio (the ratio of surplus funds maturing in less than one year to borrowings plus other liabilities) declined from 13% in September to 12% in October.
- Total credit union memberships increased 0.6% in October to 137.9 million.
- The movement’s overall capital-to-asset ratio declined to 8.4% in October compared to 8.5% in September. The total dollar amount of capital decreased -0.8% to $185 billion, CUNA said.
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