Lending, membership growth highlight July MCUEs

Credit union loans outstanding increased 0.8% in March

June 1, 2023

Credit union loans outstanding increased 0.8% in March, compared to a 0.5% increase in February 2023, and a 1.7% increase in March 2022, according to CUNA's latest Monthly Credit Union Estimates.

Adjustable-rate mortgage loans led loan growth rising 3.0% followed by other mortgage loans (2.5%), home equity loans (1.7%), unsecured personal loans (0.8%), used auto loans (0.6%), other loans (0.6%), fixed-rate mortgage loans (0.5%), new auto loans (0.4%). On the decline were credit card loans (-0.1%).

Credit union savings balances increased 1.6% in March, compared to a 1.1% increase in February, and a 1.8% increase in March 2022.

On the rise were one-year certificates rising 6.5%, followed by share drafts (5.0%), and individual retirement accounts (0.1%). On the decline were money market accounts (-2.3%), and regular shares (-0.5%).

Credit unions’ 60+ day delinquency decreased from 0.7% in February to 0.6% in March 2023.

The loan-to-savings ratio decreased slightly to 81.5% in March compared to 82.2% in February. The liquidity ratio (the ratio of surplus funds maturing in less than one year to borrowings plus other liabilities) increased to 12.9% in March compared to 11.5% in February.

Total credit union memberships increased 0.2% in March to 138.4 million.

The movement’s overall capital-to-asset ratio decreased to 9.0% in March compared to 8.8% in February.

 The total dollar amount of capital increased 3.1% to $201.5 billion.