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CUNA Mutual Releases New Trends Report
Monday, January 4, 2016 6:40 AM

The CUNA Mutual Trends Report for December has been released. Some of the highlights of this new report include:

  • During October, credit unions picked up 235,000 in new memberships, loan balances grew at a 9.9 percent seasonally-adjusted annualized pace, savings balances rose 1.4 percent, firms hired 298,000 workers, nominal consumer spending increased 0.1 percent, and long-term interest rates decreased 18 basis points. Third quarter economic growth was revised up to 2.1 percent and grew 2.2 percent from the third quarter of 2014.
  • At the end of October, CUNA’s monthly estimates reported 6,264 CUs in operation, down 36 credit unions from one month earlier. Year-over-year, the number of credit unions declined by 316, more than the 254 lost in the 12 months ending in October 2014.
  • Total credit union assets rose 1.3 percent in October, slower than the 1.4 percent rise reported in October of 2014. Assets rose 6.2 percent during the past year due to a 5.9 percent increase in deposits, a 3 percent increase in borrowings, and a 7 percent increase in capital.
  • The nation’s credit unions increased their loan portfolios by 0.5 percent in October, less than the 1.0 percent pace reported in October 2014. Loan balances are up 10.4 percent during the last 12 months. Credit union new auto loan balances reached the $100 billion milestone in October for the first time in history.
  • Credit union memberships rose a modest 0.22 percent in October, up from a 0.1 percent gain reported in October 2014. Memberships are up 4.3 percent during the past year due to robust demand for credit, solid job growth and comparatively lower fees and loan interest rates.
  • Credit union capital-to-asset ratios rose to 10.8 percent in October, up from 10.7 percent reported one year ago. Credit union loan delinquency rates fell to 0.74 percent in October, down from 0.83 percent one year earlier due to a stronger economy and double digit loan growth. Expect both credit unions and banks to loosen credit standards in 2016.

View the full December Credit Union Trends Report.