WASHINGTON — While credit union liquidity is "tight by historical standards," it is still within safe and sound levels, CUNA reported in its September Monthly Credit Union Estimates for the month of July.
Loans outstanding grew 1.1% in July, the fastest increase since June 2006. CUNA chalked this up to a seasonal peak in lending. Credit cards led the way at 2.6% growth followed by fixed-rate first mortgages, which grew 2.3% during July. "Balances in each of these portfolios increased by about 15.5% over the past twelve months," the report read.
Savings on the other hand declined 1.3%, the biggest dip since August 1994. According to CUNA, this was mainly due to seasonal activity and the month starting after a Friday and ending on Wednesday and therefore avoiding a payday. Share drafts dropped 5.1% while regular shares fell 3.7% and IRAs were down 1.0%. Money markets and certificates however were each up approximately 1% in July.
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