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MCUEs Show Continued Loan Growth, Savings Increase in December
Wednesday, February 8, 2017 6:45 AM

Credit union loans continued to grow at the pace predicted by Credit Union National Association economists and savings balances also increased, according to CUNA’s monthly estimates.

Credit union loans outstanding increased 1 percent in December 2016, after rising 0.9 percent in November. December’s loan totals were led by fixed-rate first mortgages, which jumped 3.6 percent, followed by credit card loans (2.2 percent), new auto loans (1.9 percent), unsecured personal loans (0.7 percent), and used auto loans (1 percent).

Distribution of CU Loans

December capped a strong year for America’s credit unions, according to Perc Pineda, CUNA senior economist.

“No doubt, 2016 was another good year for credit unions,” Pineda said. “First off, savings, loan, assets, and membership growth rates exceeded our forecast for 2016. Savings balances increase 7.7 percent, loan growth was up 10.9 percent, assets rose 7.3 percent, and memberships increased 4.5 percent.  The double digit loan growth in 2016, by the way, was not due to indirect lending. In fact, looking at the latest call report data, outstanding indirect loan balances in the third quarter was only 18 percent of outstanding total loan balances.”

Pineda said there’s more good news to come in 2017. Last month, CUNA economists predicted 10 percent lending growth for 2017 in the CUNA Economic and Credit Union Forecast.

Read more here.