Businesses and new cars were the fastest growing loan sectors for credit unions in 2016 and loan growth is likely to remain strong this year, CUNA Mutual Group reported Feb. 27.
Credit unions held $892.5 billion in loans on their books Dec. 31, 10.9% more than their portfolio balances at the end of 2015, according to the Madison, Wis., group's monthly Credit Union Trends Report.
"Expect loan growth to decelerate to 10% in 2017 but remain well above the past 25-year average of 7%," the report said. "Rising household formations of 1.5 million and continued job creation will keep home and auto sales strong."
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