WASHINGTON—Credit union loans outstanding increased 0.4% in May, compared to a 0.4% increase in April of 2024 and a 0.7% increase in May of 2023, according to America’s Credit Unions’ latest Monthly Credit Union Estimates (MCUEs).
The estimates are based on information from a monthly sample of credit unions and are revised whenever more complete data is available, America’s Credit Unions said. The data was released just a day after TruStage released its latest Trends Report, which can be found here.
Home equity loans led loan growth during the month, rising 1.9%, followed by other mortgage loans (1.7%), adjustable-rate mortgages (1.6%), credit card loans (0.6%), unsecured personal loans (0.5%), fixed rate mortgages (0.1%), and used auto loans (0.06%).
On the decline were new auto loans (-0.06%).
Savings Balances Increase
Credit union savings balances increased 0.9% in May, compared to a -0.6% decline in April of 2024 and a -0.5% decline in May of 2023. Share drafts led savings growth during the month rising to 2.3%, followed by one-year certificates (1.5%), individual retirement accounts (0.3%), money market accounts (0.1%) and regular shares (0.010%), ACU said.
Additional Data Points
Other data points include:
- Credit unions’ 60+ day delinquency remained at 0.8% in May.
- The loan-to-savings ratio decreased from 83.7% in April to 83.3% in May.
- The liquidity ratio (the ratio of surplus funds maturing in less than one year to borrowings plus other liabilities) increased from 14.0% in April to 14.4% in May
- Total credit union memberships increased 0.2% in May to 142.2 million.
- CUs’ overall capital-to-asset ratio increased to 9.2% in May. The total dollar amount of capital increased by 1.1% to $213.7 billion, ACU stated.