CUNA’s monthly credit union estimates for November were consistent with the previous months in 2016--showing growth on all fronts, particularly within the lending sector.
Total credit union memberships grew 0.3% during November to 109.1 million.
"Although growth continues to vary by asset size, on aggregate memberships rose 4.2% in November from a year ago,” said CUNA Senior Economist Perc Pineda. “That’s over half a million members added from October to November.”
Credit union loans outstanding grew 0.9% in November. New auto loans led loan growth, rising 1.5%, followed by unsecured personal loans (1.4%), credit card loans (1.2%), fixed-rate first mortgages (1.1%), used auto loans (0.9%), home equity loans (0.7%), and adjustable-rate mortgages (0.2%). Other mortgage loans declined 0.5% during the month.
Credit union savings balances increased 0.2% in November, compared with a 0.02% decrease in October. Money market accounts and regular shares led savings growth, both rising 0.7%.
"If we look at the data over a 12-month period ending November, savings, loans, assets and memberships exceeded our forecast for the whole year,” Pineda said. “With one more data set--that’s December--I don’t think the actual 2016 numbers will be totally different from our forecast. In fact, I would not be surprised if loan growth in 2016 exceeded our 9.7% forecast.”
Credit unions’ 60-plus day delinquency remained at 0.8% in November.
The loan-to-savings ratio increased to 80.2% in November from 79.6% in October.
The movement’s overall capital-to-asset ratio remained at 10.7%.