Credit union loan growth slumps to record lows
New numbers from CUNA shows both car and real estate lending slowing in March.
Credit union loan growth set records in March—records for the slowest growth in more than four years.
CUNA’s Monthly Credit Union Estimates released over the weekend shows the nation’s 5,572 credit unions held $1.07 trillion in loans on March 31, up 8.1% from a year earlier.
That was the lowest rate of 12-month growth since at least mid-2014. In April CUNA economists lowered their forecast for loan growth this year to 7.75%, down from an 8% forecast early this year. Next year they expect 7% growth.
At the end of 2018, loan growth was 8.6% for the movement, and 9.9% excluding credit unions that were closed or merged in the previous 12 months. Total loan growth was at or above 10% from mid-2014 to the end of 2017, well above the long-term average of 7.5% from 1990 through 2018.
continue reading »