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Savings Cool as CU Lending Heats up in June

CUNA reports the fourth month in a row of stronger monthly loan gains.

Digital line graph showing some loans going up and some going down. Ups and downs for some credit union lending products. (Source: Shutterstock)

A CUNA report released Wednesday showed savings cooled and loan growth was strengthening for credit unions in June.

Total loans were $1.22 trillion, up 4.8% from a year earlier. They were also up 1% from a month earlier — the fourth monthly gain in a row. Part of that was the seasonal increase in car and home buying. More notably, 1% matches the average pre-pandemic May to June increases from 2015 through 2019. Last June, when pandemic shutdowns were in full force, loans grew 0.7%.

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Jim DuPlessis

Jim DuPlessis

A journalist for decades.

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