CUNA Mutual Group has released its July 2018 Credit Union Trends Report with data collected in May.
As of May 2018, CUNA estimates 5,722 credit unions were in operation, two fewer than April and 231 less than May 2017. Credit union memberships grew a strong 475,000 in May, or 0.41 percent, up from May 2017 when the movement added 396,000 memberships, an increase of 0.36 percent.
Credit union memberships grew at a 4.3 percent seasonally-adjusted, annualized growth rate in May, similar to the record-setting pace of the last few months.
Credit union loan balances rose 1.3 percent in May, above the 1.2 percent reported in May 2017 and 3.9 percent year-to-date. Every loan category reported solid growth in May, led by adjustable-rate mortgage lending, which increased 2.5 percent.
To learn more information, visit CUNA Mutual Group’s website.