Credit unions continue to outpace banks with cars & cards
Credit union car loan growth remained near post-recession peaks in the third quarter, while other lenders slowed, according to reports from the Federal Reserve and NCUA.
The Federal Reserve System’s Consumer Credit Report released Tuesday showed credit unions continued to gain a bigger share of consumer debt from banks in September with higher growth rates for car loans and credit cards.
The Fed’s G.19 report showed U.S. lenders held $1.1 trillion in motor vehicle loans on Sept. 30, up 4.7% from a year earlier and 1.8% from June 30.
The increase in U.S. car loan balances from June 30 to Sept. 30 was the slowest for the third quarter since 2011. Growth in the third quarter hit a post-recession peak of 3.2% in 2015, and was 2.6% last year.
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