Source: Callahan’s Peer-to-Peer Analytics

After three years of deposit growth outpacing loan growth, patterns flipped in the first quarter of 2022. As of March 31, credit union loan balances are up 11.7% annually, compared to 9.3% for shares. Major government relief packages seem to be in the rear-view mirror and loan demand patterns are pivoting towards the consumer lending space.

Long-awaited interest rate hikes came to fruition, with the Federal Reserve raising the federal funds rate 25 bps in March and another 50 bps in May. Soaring consumer price inflation forced a more hawkish response from the Fed than many anticipated just a few months ago. The Fed also stopped purchasing securities in March and is aiming to reduce its $9 trillion balance sheet, expecting to allow about $1 trillion to run off over the next year.

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