Consumer credit at credit unions grew three times as fast as banks’ holdings and six times as fast as finance companies’ during the third quarter, according to Federal Reserve data released Wednesday.
The Fed’s September consumer credit data showed that total credit union consumer credit was up 2.4 percent in the third quarter. Banks reported a 0.8 percent increase, and financial companies reported a 0.4 percent increase for the same period.
Consumer credit, a measurement that does not include real estate loans, expanded 5 percent in September on a seasonally adjusted, annualized basis. That followed an 8.2 percent increase in August and a 1.1 percent decrease in July. Nonrevolving credit, which is primarily made up of motor vehicle and education loans, grew in September at an annual rate of 9.2 percent as revolving credit, which is primarily credit cards, decreased 4.1 percent.
Total consumer installment credit for credit unions decreased 0.3 percent in September from the previous month. At banks and finance companies, it was down 0.2 percent and 0.1 percent, respectively.