Credit unions ended June with bigger increases in their portfolios than they recorded a year ago, as expectations of slower consumer borrowing keep shifting just over the horizon.

Annual loan growth has been at or above 10% for the past several years, and has been expected to return to single-digit growth—eventually. However, CUNA Mutual Group reported Tuesday actual balances rose 10.2% from June 2016 to June 2017, down only slightly from a feverish 10.8% gain a year ago.

From May to June total credit union loans rose 1.3% to $1 trillion, up from a 1.1% one-month gain a year ago, according to the Madison, Wis.-based CUNA Mutual Group’s monthly Credit Union Trends Report.

CUNA is still forecasting GDP growth will slow from 3% this year to 2.5% next year, and a drop in loan growth to 7% in 2019 “as interest rates continue to rise and pent-up demand drops off,” senior economist Jordan van Rijn said.

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Jim DuPlessis

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