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Credit union loans increased 2.3% in May

Written on Aug 2, 2022

Credit union loans outstanding increased 2.3% in May, compared to a 1.9% increase in April of 2022 and a 0.8% increase in May of 2021, according to CUNA's latest Monthly Credit Union Estimates. 

Other mortgage loans led loan growth during the month rising 3.5%, followed by unsecured personal loans (3%), new auto loans (2.9%), used auto loans (2.3%), credit card loans (2.2%), other loans (2.0%), fixed rate mortgage loans (2.0%), adjustable-rate mortgage loans (1.9%), home equity loans (1.7%).  

Credit union savings balances declined –0.7% in May, compared to a 0.8% increase in April of 2022 and a -0.5% decrease in May of 2021. Money market accounts led savings growth during the month rising 0.4%, followed by individual-retirement accounts (0.3%), regular shares (0.1%). 

On the decline were one-year certificated (-0.5%) and share drafts (-3.8%). 

Credit unions’ 60+ day delinquency remained at 0.4% in May. 

The loan-to-savings ratio increased to 74% in May compared to 71.7% in April. The liquidity ratio (the ratio of surplus funds maturing in less than one year to borrowings plus other liabilities) declined from 17.2% in April to 15.3% in May. 

Total credit union memberships rose 0.2% during May to 133.5 million. 

The movement’s overall capital-to-asset ratio rose to 9.0% in May compared to 8.9% in April. The total dollar amount of capital increased 1.6% to $194.4 billion.