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Credit unions increased their share of credit cards, but lost some ground on car loans in June, according to a Federal Reserve report released Wednesday.
The G-19 Consumer Credit Report showed credit unions held $63.7 billion in credit card debt on June 30, up 8.4% from a year earlier. Credit unions' share of credit card debt was 6.18% in June, compared with 6.14% in May and 5.97% in June 2018.
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Lenders of all types held $1.03 trillion in credit card debt in June, up 4.8% from a year earlier.
Banks held $924.6 billion in credit card debt on June 30, up 4.9% and their market share was 89.6% in June, compared with 89.7% in May and 89.6% in June 2018.
For credit unions, plastic represents one of the fastest-growing categories in their loan portfolios. Twelve-month growth in credit card debt has been between 7% and 10% every month since October 2016.
However, credit union growth has slowed for automotive loans. The CUNA Monthly Credit Union Estimates report, also released Wednesday, showed their total car loans grew 5.3% to $376.6 billion in the 12 months ending June 30. A year earlier they had been growing at a 10.5% rate.
The Fed report showed all lenders held $1.17 trillion in car loans in June, up 4% from a year earlier.
Credit unions' share of automotive loans was 32.1% in June, about the same as March and up from 31.7% in June 2018, based on the CUNA Monthly Credit Union Estimates report, which the Fed uses the for credit union portion of total car loans.
However, credit unions' automotive loan growth has been slowing, and as a result their share of auto loans is down from a high of 32.3% in December.
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Jim DuPlessis
Jim covers economic data trends emerging for credit unions, as well as branch news and dividends.
