Line graph showing credit union loan growth has reached new records

Credit unions increased their balances in the first six months of 2022 at the fastest rate since CUNA began keeping records in 1991, driven by strong automotive lending, CUNA Chief Economist Mike Schenk said Friday.

CUNA's Monthly Credit Union Estimates showed the nation's 5,044 credit unions held $1.42 trillion in loans, up 15.9% from a year earlier and up 2.4% from the previous month.

Schenk said the May-to-June gain was the fastest one-month jump since … well, May, when it was 2.3%. The previous May-to-June record was 1.9% in 2004 and 1.8% in 1994.

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Jim DuPlessis

A journalist for decades.