Credit Union Trends: May 2018
Our Credit Union Trends Report for May 2018 is now available online. The report covers data from March 2018 and includes details on credit union memberships, loans, savings and more. Highlights include the following:
- During March, credit unions picked-up 423,000 in new memberships, and loan and savings balances grew at a 12.5 percent and 5.7 percent seasonally-adjusted annualized pace, respectively.
- Firms hired 135,000 workers, nominal consumer spending rose 0.4 percent and long-term interest rates decreased 2 basis points. Real GDP growth was 2.3 percent in the first quarter due to a surge in business investment spending and strong consumer spending.
- At the end of March, CUNA’s monthly estimates reported 5,727 credit unions in operation, 30 fewer than one month earlier. Year-over-year, the number of credit unions declined by 246, more than the 222 lost in the 12 months ending in March 2017.
- Total credit union assets rose 2.2 percent in March, faster than the 1.4 percent gain reported in March of 2017. Assets rose 7.1 percent during the past year due to a 5.9 percent increase in deposits, 36 percent increase in borrowings and 7 percent increase in capital.
