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CUs Lose Share of Autos, Credit Cards

Conditions improve in June, but not as fast as at banks.

Line graph showing credit union credit card balances are rising.

A Fed report showed credit unions lost ground to other lenders with both credit cards and auto loans in June.

But Fed’s G-19 Consumer Credit Report released Friday also found the recovery in credit card balances continued for a third month among all lenders and for a second month for credit unions. Banks and credit unions have reported rising credit card spending this year, while payoff rates have been slowly declining.

Prospects for that trend continuing were bolstered by the Bureau of Labor Statistics’ report Friday that showed a seasonally adjusted gain of 943,000 non-farm jobs from June to July, and upward revisions of job gains for May and June. Unemployment was 5.4% in July, down from 5.9% in June but still up from 3.5% in February 2020, the month before COVID-19 was declared a pandemic, sending jobless rates soaring and loan balances falling.

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Jim DuPlessis

Jim DuPlessis

A journalist for decades.

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