CUNA Mutual Group recently released its November Credit Union Trends Report, compiled with data from September. Notably, the report found credit union loan balances rose 0.7 percent in September, above the 0.6 percent reported in September 2017.

During September 2018, credit unions picked up 306,000 new memberships and loan balances grew at a 9.8 percent annualized pace, while savings balances rose at a 6.1 percent annualized pace.

Credit union memberships grew a modest 0.26 percent in September 2018, similar to the 0.25 percent gain reported in September 2017. Memberships rose 5 percent during the past year due to robust demand for credit, solid job growth and comparatively lower fees and loan interest rates compared to the banks.

Credit union capital-to-asset ratios rose to 10.8 percent in September 2018, above the 10.7 percent ratio reported a year ago. Loan delinquency rates fell to 0.65 percent in September, down from 0.78 percent in September 2017, due to a stronger economy and double digit loan growth.

To learn more or view the complete report, visit CUNA Mutual Group’s website.