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The April Credit Union Trends Report is Now Available
Monday, May 1, 2017 6:35 AM

The latest issue of the Credit Union Trends Report is out, produced monthly by the CUNA Mutual Group and Chief Economist Steve Rick. Here are the highlights:

  • During February, credit unions picked-up 538,000 in new memberships, loan, and savings balances grew at a 12.8 percent and 8.4 percent seasonally adjusted annualized pace, respectively. Firms hired 235,000 workers, nominal consumer spending increased 0.1 percent, and long-term interest rates decreased 1 basis point. Real GDP growth is expected to accelerate to 2.3 percent in 2017, faster than the 1.6 percent pace reported in 2016.
  • At the end of February, CUNA’s monthly estimates reported 5,977 credit unions in operation, 9 fewer than one month earlier. Year-over-year, the number of credit unions declined by 242, more than the 241 lost in the 12 months ending in February 2016.
  • Total credit union assets rose 1.9 percent in February, above the 1.4 percent gain reported in February 2016. Assets rose 7.9 percent during the past year due to a 7.5 percent increase in deposits, a 28 percent increase in borrowings, and a 5.7 percent increase in capital.
  • The nation’s credit unions increased their loan portfolios by 0.5 percent in February, faster than the 0.1 percent pace reported in February 2016. Loan balances are up 11.5 percent during the last 12 months. With loan balances growing faster than savings, credit union liquidity is tightening as the credit union average loan-to-savings ratio reached 79.5 percent, up from 76.7 percent in February 2016.
  • Credit union memberships rose 0.49 percent in February, up from the 0.33 percent gain reported in February 2016. 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 loan delinquency rates rose to 0.84 percent in February, above the long-run “natural rate” average of 0.75 percent. Expect the rate to fall in March due to tax refunds and bonuses allowing some members to catch-up on late loan payments.

Get the scoop on this information and so much more. Go directly to the April 2017 Credit Union Trends Report.