ARLINGTON, Va.—Credit unions' membership growth remains strong, while loan and share growth have continued to moderate, a new report reveals.
According to NAFCU's second-quarter CU Industry Trends report, membership growth in the Northeast region soared compared to the previous quarter, while the MidAtlantic saw its membership growth fall sharply in the second quarter.
"Overall, conditions remain favorable across the industry, but rising interest rates and softening loan demand pose challenges," said NAFCU Chief Economist and Vice President of Research Curt Long. "The robust growth of the past few years has begun to flag a bit, and cost of funds will continue to rise with upcoming Fed rate hikes."
As CUToday.info reported, last week NCUA released its second-quarter data on the credit union industry, showing that federally insured credit unions' membership exceeded 114 million and assets grew 5.8%, year over year.