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Lending Growth Leads January MCUEs
Thursday, March 9, 2017 6:45 AM

Credit union lending continued its impressive growth in January, according to CUNA’s Monthly Credit Union Estimates. Credit union loans outstanding grew 0.9 percent in January. Since May loans have increased at least 0.8 percent each month.

“Credit unions are off to a good start:  2017 could be similarly strong as 2016 for credit unions,” said CUNA Senior Economist Perc Pineda.

Adjustable-rate mortgages led January loan growth, rising 3.8 percent, followed by new auto loans (1.4 percent), used auto loans (1.2 percent), home equity loans (1.1 percent), other mortgage loans (0.7 percent), and unsecured personal loans (0.6 percent). On the decline during the month were credit card loans (-1.0 percent) and fixed-rate first mortgages (-0.4 percent).

“The increase in adjustable rate mortgage lending is consistent with an environment of rising interest rates,” Pineda said.

Credit union savings balances declined 0.5 percent in January, compared with a 1.3 percent increase in December. One-year certificates led savings growth, rising 0.9 percent. On the decline during the month were share drafts (2.7 percent), regular shares (0.9 percent), individual retirement accounts (0.4 percent), and money market accounts (0.2 percent).

Visit CUNA News Now here for additional information.