Credit union loans outstanding increased 0.3% during October 2011, the seventh-consecutive month of positive loan growth for credit unions, according to CUNA’s economics and statistics department.
Adjustable-rate mortgages led loan growth, increasing 1.3%, followed by used auto loans (0.6%), unsecured personal loans (0.5%), and credit card loans (0.4%).
Home equity loans, fixed-rate mortgages, and new auto loans decreased 0.3%, 0.2%, and 0.1%, respectively.
Credit union savings balances decreased 0.1% in October, compared to a 1.3% increase in September.
Money market accounts led savings growth, increasing 0.8%, followed by regular shares, which grew 0.4%.
On the declines were share drafts (-2.8%) and one-year certificates (-0.2%).
Credit union membership increased by 214,000 in October (0.2%) and by 440,000 (0.5%) over the past two months.
The two-month increase is equal to 75% of the total growth in membership recorded in all of 2010.
On a year-over-year basis, membership grew 1.1%. That’s more than double the 12-month growth rate reported in October 2010.
On a year-to-date basis, membership increased 1.2%—a growth rate that’s 50% higher than the year-to-date growth rate reported in October 2010.