Credit union membership and loan growth weakened in January, but year-over-year membership and loan growth rates remain a strong 4.23% and 8.99% respectively, according to CUNA’s latest Monthly Credit Union Estimates. Monthly membership and loan growth in January fell to 0.16% and 0.34%, respectively, from the December growth rates of 0.33% and 0.53%.
“While January is a historically slow month for membership and loan growth, the pace of growth for both hasn’t been this slow since January 2013,” said Samira Salem, CUNA senior policy analyst. “Increasing interest rates, decreasing consumer confidence, and uncertainty due to the partial government shutdown likely contributed to weaker growth. Nevertheless, year-over-year credit union membership and loan growth rates remain a strong 4.23% and 8.99%.
Adjustable rate mortgage growth increased to 0.55% from 0.00% in December. By contrast, fixed rate mortgage growth at credit unions declined to -0.28% in January from 1.28% in December.
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