Lending

But the Mortgage Bankers Association reports much slower portfolio growth nationwide in the second quarter.

Most Fed members expect rates to fall to 4.4% by year's end and to 3.4% by the end of 2025.

Annual growth rates hit record lows for many major loan categories, including a record drop for auto loans.

In a report released last month, the Government Accountability Office estimated that about 10 million borrowers – more than one-quarter of the total – were behind on payments as of the end of January.

Experian shows credit unions originated 23% of new and used auto loans in the second quarter, up 20 basis points from the first quarter.

Fed data for July shows credit unions have lost share of U.S. credit card and term loan balances in the past year.