Loans and Credit Quality Up at CUs According to CUNA Survey
Outstanding loans increased at a slightly higher rate in June, savings balances declined and share accounts rose slightly, according to a CUNA survey of 400 credit unions.
Outstanding loans rose to 0.3% in June, up from 0.2% in May. However, there were $582 billion in loans made in June, compared with $585.9 billion in June 2010.
The largest loan growth was in adjustable rate mortgages, which grew 1.2%, unsecured personal loans grew 1%, and used car loans rose 0.8%. Credit card loans rose 0.3%.
Fixed-rate mortgages and new car loans rose fell 0.2% and 1.4%, respectively.
Savings balances fell 0.3% in June, compared with a 0.1% decline in May.
In June, regular shares rose 0.5%, money market accounts rose 0.4% and one-year certificates rose 0.2%.