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Credit union loan portfolios are growing more slowly this year, a trend that is likely to continue next year, according to a CUNA Mutual Group report released Friday.

The Madison, Wis., CUSO’s monthly Credit Union Trends Report shows total loans growing 9.8% to nearly $1.1 trillion in the 12 months that ended Sept. 30.

Steven Rick, CUNA Mutual Group’s chief economist, said the combination of slower U.S. economic growth and rising consumer debt is likely to slow credit unions’ total loan growth to 8% in 2019.

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Jim DuPlessis

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