The increase in total loan portfolios from February to March this year (+1.1%) was better than the one-month change a year ago (+0.9%). The improvement was aided by an acceleration in automobile loans, which now account for 35% of the credit union portfolio. In every other major loan category, momentum sagged:

New car loans rose 1.8% to $138.8 billion from February 2018 to March compared with a 1% gain a year earlier. For the year, the balance grew 13.9%.
Used car loans rose 1.6% to $211.4 billion from February 2018 to March compared with 1.2% a year earlier. For the year, the balance grew 11.2%.
Credit cards loan balances fell 0.5% billion to $56.9 billion from February 2018 to March, compared with a 0.2% February-to-March drop a year ago. Consumers typically pay down holiday-bloated balances early in the year with tax refund checks. For the year, credit cards rose 8.6%.
First-lien mortgages rose 0.9% to $403 billion from February 2018 to March compared with a 1.3% gain a year earlier when the lingering effects of the refinance surge were still being felt. For the year, first liens grew 9.3%.
Second-lien mortgages rose a bare 0.1% to $85.5 billion from February 2018 to March compared with a 0.8% gain a year earlier. For the year, second-liens grew 8.1%.
Member business loans rose 1.3% to $80.1 billion from February 2018 to March compared with a remarkable 6% one-month gain a year earlier. For the year, member business loans grew 13.3%.

The CUNA Mutual universe encompassed 5,727 credit unions with 114.9 million members as of March 31—4.1% more members at 246 fewer credit unions than a year ago. Rick estimates that credit union membership growth will rise at least 3.5% this year and 2.5% in 2019.

Instant Insights /

Credit Unions Zoom Past $1 Trillion in Loans

Related Stories

Recommended For You