WASHINGTON—The economic disruption caused by the COVID-19 pandemic caused outstanding consumer credit at credit unions to fall during May, according to Federal Reserve data. However, the pace of decline slowed compared to April's pace.
The data was originally reported by Keith Leggett, the former senior vice president and senior economist at the ABA.
Outstanding consumer credit at credit unions declined by $5.7 billion in May to $470.4 billion.
Both revolving and nonrevolving credit fell for May.
Revolving credit slipped from $61.6 billion in April to $60.8 billion in May. This was the fifth consecutive monthly decline in revolving credit at credit unions, pointed out Leggett.
Nonrevolving credit declined by $4.8 billion in May to $409.7 billion after falling by $10.2 billion in April.