Share balances at U.S. credit unions have grown at near-record rates since the onset of COVID-19 and the resulting lockdowns. According to second quarter data from Callahan & Associates — representing 99.6% of industry assets — deposit balances at credit unions increased 16.5% year-over-year. This is the fastest annual rate since 2003. Meanwhile, total loan balances rose 6.6%. Together, these top-level dynamics have driven down the industry’s loan-to-share ratio to 76.2% — the lowest level since the first quarter of 2016.
FOR U.S. CREDIT UNIONS | DATA AS OF 06.30.20