In its July 2020 Credit Union Trends report, based on data from May, the second full month of the COVID-19 pandemic, CUNA Mutual Group said that consumers are feeling uneasy about their future financial conditions and will keep the economy in a depressed state for the next 18 months.

However, statistics in the report indicate that credit unions added 241,000 new memberships and loan and savings balances grew at a 7.4% and 21% seasonally adjusted annualized pace, respectively.

Other details in the report indicate that total credit union assets rose 2.6% in May, faster than the 1.3% rise reported in May of 2019, due to the pandemic, reducing member spending and boosting savings. Additionally, assets rose 14.7% during the past year due to a 15.3% increase in deposits, a 5% decrease in borrowings and a 9% increase in capital.

Firms brought back 2.7 million workers, nominal consumer spending increased 8.1% and long-term interest rates rose 0.01 percentage points, according to the report.

To view the full report, click here.

The Credit Union Trends Report is a monthly “pulse check” on the state of the credit union marketplace, often placed in a historical context. The report includes data from two months prior and is published and distributed by Steven Rick, chief economist for CUNA Mutual Group. The Trends Report is intended to provide a review and analysis of recent credit union financial performance and operational results in the context of recent economic activity. Data and analysis are provided to establish standards against which credit unions’ own performance can be compared.