CUNA estimates: CU loan growth picks up in March despite weaker economy

Despite slowdowns in a number of economic indicators in the first quarter, credit union loan and membership growth posted solid gains in March, according to CUNA’s monthly estimates.

Loan growth rose by 0.6% in March and climbed 10.6% on a year-over-year basis. Fixed-rate first mortgages drove the increases with a 3.1% jump, followed by new-auto loans (1.1%) and used-auto loans (1%).

Further, between March 2014 and 2015, fixed-rate first-mortgage lending and new-auto lending accelerated by 6.8% and 22.6% respectively.

“Recent economic data suggest slower U.S. economic expansion in the first quarter of this year,” said Perc Pineda, CUNA senior economist. “Credit unions, however, continue to experience increased activity.”

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