Credit union loan balances increased by 0.3% in March, an acceleration relative to the 0.1% February increase, but the slowest march increase since 2013, according to CUNA’s Monthly Credit Union Estimates for March 2019. March credit union membership growth increased to 0.27% from 0.23% in February, while year-over-year membership growth was a solid 3.8% in March.
The first quarter’s loan growth was 0.7% – slow compared to both the 1.9% fourth quarter 2018 increase and to the 1.6% in the first quarter of 2018.
“Bad weather, lingering effects of the government shut down and lower-than-expected tax refunds negatively impacted consumers ability to make big purchases,” said Samira Salem CUNA senior policy analysis. “Nevertheless, year-over-year loan growth registered a healthy 8.1%.”
Auto loan balances increased by 0.3% in March, up from 0.1% in February. Growth was driven by used auto loans, which increased 0.5% (a bit faster than February’s 0.4% advance. In contrast, new auto loan balances declined by -0.1% in March.
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