Membership and lending growth, driven by auto loans, continue to power strong credit union results, according to the July’s Monthly Credit Union Estimates.

“A combination of a strong economy, low interest rates and great service by credit unions has led to continued fast membership and loan growth,” said Jordan van Rijn, CUNA senior economist. “Memberships are increasing at the fastest pace since the 1980s, and loan growth is being driven by tremendous increases in auto loans, which saw the fastest monthly growth since the 1990s.”

Credit union loans outstanding grew 1.1% in July, following a 1% increase in June. Other mortgage loans led loan growth during the month, rising 2.4%, followed by home equity loans (2%), new auto loans (1.6%), unsecured personal loans, credit card loans and used auto loans (all rising 1.3%), and fixed-rate mortgages (0.8%).

Total credit union memberships grew 0.4% during July to 112.2 million.

 

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