Credit union loans outstanding increased 0.5% in September

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

Other mortgage loans led loan growth during the month, rising 3.1%, followed by adjustable-rate mortgages (1.7%), home equity loans (1.0%), unsecured personal loans (0.9%), credit card loans (0.3%), fixed-rate mortgages (0.3%) and used auto loans (0.2%). On the decline were new auto loans (-0.2%). 

Credit union savings balances increased 0.6% in September, compared to a 0.1% increase in August of 2023 and a 0.5% increase in September of 2022. One-year certificates led savings growth during the month, rising 3.8%, followed by share drafts (2.8%) and individual retirement accounts (0.6%). 

On the decline were regular shares (-1.9%) and money market accounts (-1.2%).

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

The loan-to-savings ratio decreased from 85.2% in August to 85.1% in September. The liquidity ratio (the ratio of surplus funds maturing in less than one year to borrowings plus other liabilities) increased from 11.3% in August to 11.9% in September.

Total credit union memberships grew 0.2% during September to 141.3 million.

The movement’s overall capital-to-asset ratio decreased from 9.0% in August to 8.9% in September. The total dollar amount of capital decreased by -0.7% to $200.6 billion.