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CUs Report Solid Gains Entering Second Half of Year
Monday, September 12, 2016 6:35 AM

Credit unions entered the second half of the year strong on a strong note recording solid gains in lending, savings and membership, according to CUNA’s monthly estimates.

Credit union loans outstanding grew 0.9 percent in July, compared with a 1.1 percent increase in June. Home equity loans led loan growth, rising 3 percent, followed by adjustable-rate mortgages and new auto loans (both 1.4 percent), unsecured personal loans (1.3 percent), used auto loans (1.1 percent), and credit card loans (1 percent). On the decline during the month were fixed-rate first mortgages (-0.3 percent) and other mortgage loans (-0.4 percent).

Refer to Distribution of Credit Union Loans infographic here.

Credit union savings balances increased 0.5 percent in July, compared with a 0.6 percent increase in June. Share drafts led savings growth, rising 2 percent, followed by one-year certificates (0.7 percent), individual retirement accounts (0.3 percent), regular shares (0.1 percent), and money market accounts (0.02 percent).

Total credit union memberships grew 0.4 percent during July, the same growth rate as June and July.

“As we entered the second half of the year, our July estimates are all positive,” said CUNA Senior Economist Perc Pineda. “We are confident that savings, loans, assets and membership growth will meet or exceed our forecast this year. In fact, savings are now 7.1 percent higher than a year ago. Loans are 10.1 percent higher and assets are 7.4 percent higher. Memberships are 3.9 percent higher than a year ago. Based on our estimates, there were 107.6 million credit union members in July.”

Credit unions’ 60-plus day delinquency remained at 0.7 percent in July.