CUNA Mutual Group recently released its January Credit Union Trends Report, compiled with data from November 2018. The report found that credit union loan balances rose 0.6 percent in November, just less than the 0.7 percent pace reported in November 2017.
During November 2018, credit unions picked up 277,000 memberships and loan balances grew at a 9.6 percent seasonally-adjusted annualized pace, while savings balances rose at an 8.1 percent annualized pace.
Credit union memberships rose 0.19 percent in November, with memberships up 4.4 percent during the past year due to a robust demand for indirect auto credit, solid job growth and comparatively lower fees and loan interest rates compared to banks.
Total credit union assets rose 1.3 percent in November, above the 0.6 percent rise reported in November 2017. Loan delinquency rates fell to 0.66 percent in November, down from 0.85 percent one year earlier due to a stronger economy, tax cuts, lower gas prices and strong loan growth.
To learn more or to view the complete report, visit CUNA Mutual Group’s website.