CUNA Mutual Group releases August Credit Union Trends Report

CUNAMutualGroup_Logo_VT_4CCUNA Mutual Group recently released its August Credit Union Trends Report, compiled with data from June 2019. The report found that credit union loan balances rose 0.7 percent in June, less than the 1.1 percent pace reported in June 2018.

During June 2019, credit unions picked up 381,000 in new memberships, and loan balances grew at a 5.2 percent seasonally adjusted annualized pace in June, half the pace set over the last five years.

Credit union memberships rose 0.3 percent in June, down from the 0.4 percent increase reported in June 2018. Memberships increased to 3.5 percent over the past year due to rapid job creation and strong demand for credit card and mortgage loans.

Total credit union assets rose 0.2 percent in June 2019 and 4.3 percent year to date. Assets rose 6.1 percent during the past year due to a 6 percent increase in deposits, an 11 percent increase in capital and a 1.5 percent decrease in borrowings.

Loan delinquency rates came in at 0.51 percent in June, below the 0.67 in June 2018, due to delinquent loan balances falling 18.5 percent over the last year. The strong economy has pushed the labor market beyond full employment, allowing members to stay current on their debt.

Loan portfolios increased by 0.7 percent in June, less than the 1.1 percent in June 2018, and rose 6.3 percent during the last year. June is historically the month reporting the fastest loan growth as the summer car buying season begins in earnest.

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

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