ARLINGTON, Va.—During the first quarter of 2020, year-over-year growth rates among credit unions were stable, with loan growth increasing slightly due to higher mortgage refinancing activity, according to NAFCU's Q1 CU Industry Trends report.
In addition, borrowings rose as credit unions boosted cash and short-term investments.
Other key data from the first quarter trends report:
- Declining fee income and near-zero interest rates are putting downward pressure on ROA
- Loan growth at banks, which exceeded credit unions', resulted from an increase in commercial and industrial loans and a move away from lines of credit
- Share growth increased for credit unions under $500 million in assets
- Loan-to-share ratios fell across all regions compared to a year ago