Credit unions accelerated consumer lending twice as fast as other financial institutions in April, primarily with the power of auto loans, the Federal Reserve reported Wednesday.
Total consumer credit stood at $3.8 trillion on April 30, up 5.9% from a year earlier, while credit unions held $398.2 billion, up 12.5%, according to the Fed's monthly consumer credit report. Credit unions' share of total consumer credit was 10.55% in April, its biggest share since January 2001.
Credit unions continued to broaden their share of lending for non-revolving loans, which for credit unions are primarily auto loans.
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