Credit union membership in the U.S. has outpaced general population growth in recent months by nearly a three-to-one margin, bringing total U.S. credit union memberships to more than 98 million, according to a new CUNA report.
Figures for July show a 0.4% increase for the month, a continuation of strong growth for the first half of 2013, the trade group said this week.
Total growth indicates a 2.7% increase in memberships nationwide compared to the same period last year. By comparison, U.S. population growth has increased just 1% during the same period.
Credit union services, particularly lending, have shown correspondingly strong growth for the same period, the report said. Overall loans grew by a strong 1% in July and 5.5% over the past year, and unsecured personal loans – which led the category – grew by 2.1% in July and 8.8% since the same time last year.
In other lending categories, new auto loans grew by 1.8% during the month and 11.9% over the past year; used auto loans increased 1.6% in July and 9.7% year over year; fixed-rate mortgages jumped 1.3% in July and 9.4% since last year; and credit cards increased 1.7% in July and 6.4% year over year. Adjustable-rate mortgages, which had been showing slow growth, spiked by 1% in July, compared to only 1.5% over the previous year.
Correspondingly, savings rates declined, causing the aggregate loan-to-share ratio to increase to 68.5% in July compared to 67.5% the previous month. Asset quality also has shown small signs of improvement to 0.97% in July compared to 0.99% in June, CUNA reported.