‘Eye-popping’ credit union loan growth

Our latest Economic Update examines the unprecedented credit union loan growth that we’re seeing, especially in auto lending. CUNA Chief Economist Mike Schenk details how and why credit union lending is higher than our projected 8% for all of 2022.

Growth is led by a 12% rise in auto loans in the first half of the year, putting credit unions on pace to break the 1994 record of 11.3% growth.

Mike also delves into data showing that credit union members are more than twice as likely than nonmembers to say they are “very positive” they can get a low-cost loan at their credit union.

This data is so valuable in our advocacy work because we’re able to show that credit unions are mission-focused organizations providing safe, responsible lending. It’s part of our mission to improve financial well-being for all.

 

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