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CUs Drew Wealth of Members According to July Report
Tuesday, August 16, 2016 6:45 AM

A Credit Union Trends Report for July 2016 revealed a sunny outlook for credit unions with continued growth of loan balances and memberships. Another bright spot in the number crunch, based on May 2016 data, was growing membership, up 4.3 percent during the past year due to robust demand for credit, solid job growth, and credit unions having comparatively lower fees and loan interest rates.

With loans growing faster than savings, the credit union average loan-to-savings ratio reached 77.6 percent in May, above the 74.8 percent reported one year earlier.

Highlights, included on CUNA Mutual’s blog, include: 

  • During May, credit unions picked up 431,000 in new memberships. Loan and savings balances grew at an 11.9 percent and 6.7 percent seasonally-adjusted annualized pace, respectively.
  • The nation’s credit unions increased their loan portfolios by 1.0 percent in May, faster than the 0.9 percent pace reported in May 2015. Loan balances are up 11.0 percent during the last 12 months. 
  • Credit union loan delinquency came in at 0.72 percent in May, below the 0.74 percent reported in May 2015. Delinquency rates typically reach their lowest point in the second quarter of a year, so expect the ratio to begin rising in the second half of 2016.

For the full report, visit the CUNA Mutual website