Credit cards led the way in what was overall very weak credit union loan growth in the second quarter, according to data reported to the NCUA.
The regulator reported that loans at the 7445 federally insured CUs grew by only 0.1%, with the fastest growing loans those that refinanced other loans that carried higher interest rates.
Unsecured credit cards grew at 1.7%, real estate loans by 0.4%, a boost the agency attributed to a 10.8% increase in mortgage modification loans. Used vehicle loans increased, while loans for new vehicles fell, the NCUA said.
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