Despite a decrease in consumer credit in July, credit unions grew their loan portfolios, according to a report released Monday by the Federal Reserve.
Credit union loans outstanding increased by $2.8 billion to $233.1 billion as of July 31, the Fed said.
Growth came in non-revolving loans, where credit unions saw a $2.7 billion increase to $195.7 billion. Revolving loans remained steady, with credit unions reporting $37.4 billion in outstanding balances.
Overall, consumer credit decreased at a seasonally adjusted annual rate of 1.5%. Total non-revolving credit increased at an annual rate of 1%, but revolving credit decreased by 6.75%.
Credit union non-revolving loan growth outpaced that of banks. Banks saw just a $1.7 billion increase in non-revolving balances outstanding to a total of $530.6 as of July 31. Finance companies experienced a decrease in non-revolving balances, down $1.2 billion to $604.3 billion.
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