Credit union loans increased 2.3% in May
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%).
