Record-high CA & NV CU deposits playing role in economic growth & inflation

Local credit union members gauge inflation as 3Q kicks off

CALIFORNIA AND NEVADA , CA (July 12, 2021) — While higher inflation is concerning local households and business owners, record-high deposits at credit unions continue playing a key role in the economic growth that’s driving those price increases according to the first-quarter 2021 California and Nevada credit union industry snapshots released by the California and Nevada Credit Union Leagues today.

Going into the second half of 2021, rising inflation is materializing in different ways across California and Nevada, happening for various reasons, and can be absorbed by consumers — but only to an extent and for so long. Most economists hope today’s inflation upswing doesn’t turn into an unhealthy trend and stick around for the long term, where increasing worker wages and producer material prices are quickly and directly passed to consumers when they buy goods or services.

Local deposits may be driven higher as credit union members consider saving more money to combat rising inflation expectations, according to Robert Eyler, independent economist, professor for Sonoma State University, and a long-time board member of Redwood Credit Union (headquartered in Santa Rosa, CA).

“Many local individuals who already received federal government stimulus payments have also been going back to work and are increasing their deposits — a trend likely to continue,” Eyler said. “However, most economists expect current inflation levels to moderate by the end of this year as the economic recovery continues and worldwide supply chains are less affected by the COVID-19 pandemic.”

Meanwhile, California and Nevada credit unions and their local members — including households, workers, consumers and small business owners — are still navigating the transition out of a COVID-19 pandemic economy. These factors are impacting their borrowing and savings habits across the entire region as the economy continues growing, a mismatch in job demand versus supply-of-workers persists, and low interest rates provide a cushion for mortgages, home equity loans, new and used vehicle loans, credit cards, business loans, and other types of lending.

Regional Snapshots: Members, Loans, Deposits
View California and Nevada’s trends in credit union membership, loans, and deposits as of March 31, 2021 compared to the year-ago period (year-over-year/annualized).

Additionally, see trends broken out by 10 local regions in California: Bay AreaCaliforniaCentral CoastCentral ValleyGreater Napa ValleyNorthern CaliforniaSacramento CountySan Diego RegionSouthern California, and Ventura County.

You can also view trends broken out by three local regions in Nevada: Nevada (entire state)Northern Nevada, and Southern Nevada.

Please note: some highlight/snapshot trends may or may not be completely applicable to a local region. View your local region’s report (linked above) for exact data.

About California and Nevada Credit Union Leagues

Headquartered in Ontario, California, the Leagues exist to help credit unions change people’s lives by supporting their operations, guidance, strategy and philosophy. Our trade association helps local credit unions in California serve nearly 13.4 million members and those in Nevada serve more than 390,000 members. Credit unions are for people, not profit!


Matt Wrye
Senior Communications Manager
California and Nevada Credit Union Leagues
1-909-851-3935 or

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