Credit union loans outstanding increased 0.6% in May

Credit union loans outstanding increased 0.6% in May, compared to a 0.7% increase in April of 2023 and a 2.1% increase in May of 2022, according to CUNA's latest Monthly Credit Union Estimates. 

Other mortgage loans led loan growth during the month, rising 3.2%, followed by adjustable-rate mortgages (2.7%), unsecured personal loans (1.7%), credit card loans and home equity loans (both rising 1.5%), fixed-rate mortgages (0.2%), and new auto loans (0.02%). 

On the decline during the month were used auto loans (-0.08%).

Credit union savings balances declined -0.4% in May, compared to a -0.7% decline in April of 2023 and a -0.7% decline in May of 2022. One-year certificates led savings growth during the month, rising 4.4%, followed by individual retirement accounts (0.2%).

On the decline during the month were share drafts (-2.6%), followed by money market accounts (-1.2%) and regular shares (-0.9%). 

Credit unions’ 60+ day delinquency remained at 0.7% in May.

The loan-to-savings ratio increased from 82.7% in April to 83.6% in May. The liquidity ratio (the ratio of surplus funds maturing in less than one year to borrowings plus other liabilities) declined from 12.7% in April to 12.6% in May.

Total credit union memberships grew 0.1% during May to 138.9 million.

The movement’s overall capital-to-asset ratio increased from 9.0% in April to 9.2% in May. The total dollar amount of capital increased by 1.6% to $206.6 billion.