For the first time since 2008, the pace of loan growth among credit unions has surpassed deposit growth with a record total of $1 billion in loan origination daily among the credit union industry, according to the latest analytic report from Callahan & Associates.
The report noted that credit union performance shows lending surging forward in the first half of 2013. The $621 billion credit union loan portfolio has expanded by 5.4% over the past 12 months, the fastest pace in five years and ahead of the 4.6% share growth rate, according to the New York research firm.
New auto loans are the fastest growing component of the industry's loan portfolio and real estate lending continues to rise at credit unions as well, the firm said, with six states posting at least a 20% increase in loan origination.
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