Credit unions and banks are likely to loosen credit standards in 2018 as job growth continues and wages rise, but rising interest rates will slow the growth rate for loans, according to a CUNA Mutual Group report released Thursday.
The Credit Union Trends Report showed the total loan portfolio was $953.4 billion in August, 10.8% higher than a year earlier. Assets grew 6.2% to $1.4 trillion as membership grew 4.3% to 112.7 million.
CUNA's "Economic Update" report for October forecasts 10.5% loan growth this year, and 9.5% in 2018. It was 10.6% last year. Return on assets is expected to be 0.75% this year and 0.85% in 2018, compared with 0.76% last year.
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