MCUEs: Loans outstanding increased 0.8% in May

Credit union loans outstanding increased 0.8% in May, compared to a 0.6% increase in April of 2021 and a 1.1% increase in May of 2020, according to CUNA’s latest Monthly Credit Union Estimates. Credit card loans led loan growth during the month, rising 2.0%, followed by used auto loans (1.4%), fixed-rate mortgages (0.8%), new auto loans (0.5%), home equity loans, and unsecured personal loans (both rising 0.4%).

Adjustable-rate mortgages (-0.5%) and other mortgage loans (-0.4%) declined during the month.

Credit union savings balances declined -0.5% in May, compared to a 1.7% increase in April of 2021 and a 2.5% increase in May of 2020. Money market accounts led savings growth during the month, rising 1.1%, followed by individual retirement accounts (0.2%), and regular shares (0.01%).

On the decline during the month were share drafts (-3.0%) and one-year certificates (-1.2%).

 

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