Credit union loans outstanding increased 0.4% in October

Credit union loans outstanding increased 0.4% in October, compared to a 0.5% increase in September of 2023 and a 1.2% increase in October of 2022, according to the latest Monthly Credit Union Estimates.  

Home equity loans led loan growth during the month, rising 3.4%, followed by credit card loans (1.3%), adjustable-rate mortgages (1.2%), unsecured personal loans (1.1%), other mortgage loans (0.09%), and used auto loans (0.2%).  

On the decline were new auto loans (-0.1%) and fixed-rate mortgages (-0.2%).  

Credit union savings balances decreased -0.6% in October, compared to a 0.6% increase in September of 2023 and a -0.7% decline in October of 2022.  

One-year certificates led savings growth during the month, rising 4.2%, and individual retirement accounts (1.5%). On the decline were share drafts (-4.5%), money market accounts (-1.2%), and regular shares (-1.4%).  

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

The loan-to-savings ratio increased from 85.2% in September to 86.1% in October. The liquidity ratio (the ratio of surplus funds maturing in less than one year to borrowings plus other liabilities) decreased from 12.1% in September to 11.5% in October.  

Total credit union memberships increased 0.1% during October to 141.2 million.  

The movement’s overall capital-to-asset ratio remained at 8.9% in October. The total dollar amount of capital decreased by -0.2% to $200.7 billion.