WASHINGTON-It is not a big surprise that new car loans and mortgages continue to lead the way in loan growth at credit unions. According to CUNA’s Monthly Credit Union Estimates for July, loans grew 1.4% or 6% year-to-date. New car loans jumped another 3% as they had in June. Second mortgages at credit unions were a close second for loan growth at 2.7%. Growth in home equity loans, unsecured personal loans, and other loans remained strong at 1.6%, 1.6%, and 1.2% respectively. At the same time, credit cards (1.0%), fixed-rate first mortgages (0.9%), and used auto loans (0.7%) also experienced growth. However, adjustable-rate first mortgages fell 0.1% in July, according to CUNA’s statistics. Savings at credit unions continued to show slow growth during the month. Savings balances were up just 0.2% in July; a year ago, it was 1%. Year-to-date growth plummeted from 5.1% in July 2004 to 2.1% this year. Growth occurred in certificates and Individual Retirement Accounts at 1.6% and 0.4%, respectively, while share drafts (1.1%), regular shares (0.5%) and money market accounts (0.2%) fell. Consequently, credit unions’ loan-to-share ratio rose from 76.4% in June to 77.4% in July, CUNA said. Delinquencies remained at record lows at 0.6%. Credit unions’ average capital-to-asset ratio was 11.1% in July.

Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.

Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Critical CUTimes.com information including comprehensive product and service provider listings via the Marketplace Directory, CU Careers, resources from industry leaders, webcasts, and breaking news, analysis and more with our informative Newsletters.
  • Exclusive discounts on ALM and CU Times events.
  • Access to other award-winning ALM websites including Law.com and GlobeSt.com.

Already have an account?


© 2023 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.


Credit Union Times

Join Credit Union Times

Don’t miss crucial strategic and tactical information necessary to run your institution and better serve your members. Join Credit Union Times now!

  • Free unlimited access to Credit Union Times' trusted and independent team of experts for extensive industry news, conference coverage, people features, statistical analysis, and regulation and technology updates.
  • Exclusive discounts on ALM and Credit Union Times events.
  • Access to other award-winning ALM websites including TreasuryandRisk.com and Law.com.

Already have an account? Sign In Now
Join Credit Union Times

Copyright © 2023 ALM Global, LLC. All Rights Reserved.