Credit union loans increased 1.4% in October

December 30, 2022

Credit union loans outstanding increased 1.4% in October, according to CUNA's latest Monthly Credit Union Estimates. This is compared to a 2.0% increase in September 2022, and a 1% increase in October 2021. 

Home equity loans led loan growth during the month rising 6.0%, followed by adjustable-rate mortgage loans (3.4%), unsecured personal loans (2.6%), other mortgage loans (1.9%), credit card loans (1.4%), used auto loans (1.3%), new auto loans (1.0%), fixed-rate mortgage loans (0.8%), other loans (0.7%).

Credit union savings balances decreased -0.7% in October, compared to 0.6% increase in September 2022, and a 0.9% increase in October 2021. One-year certificates led savings growth during the month rising 3.7%. 

Individual retirement accounts (-.04%) were on the decline, followed by regular shares (-0.9%), money market accounts (-1.5%), and share drafts (-2.7%).

Credit unions’ 60+ day delinquency increased to 0.51% in October. The loan-to-savings ratio increased to 80.6% in October compared to 79% in September. The liquidity ratio (the ratio of surplus funds maturing in less than one year to borrowings plus other liabilities) declined from 13% in September to 12% in October.

Total credit union memberships increased 0.6% in October to 137.9 million.

 The movement’s overall capital-to-asset ratio declined to 8.4% in October compared to 8.5% in September. The total dollar amount of capital decreased -0.8% to $185 billion.