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.