According to the latest monthly Credit Union Trends Report published by CUNA Mutual Group Tuesday, credit unions saw new auto loan balances reach $100 billion for the first time ever, with loans for new vehicles up 16.9% in the past year.
In addition, credit unions experienced a record volume of first mortgage loans for the first nine months of 2015 – a 39% hike compared to the first nine months of 2014.
The report noted "strong consumer fundamentals" drove the growth of these loans. The major fundamentals included an improving labor market, low interest rates, rising wage growth and low oil prices.
In addition, according to Steven Rick, chief economist for CUNA Mutual Group, 2015 was also a very strong year for credit union membership. Rick noted credit union membership rose faster in 2015 than during any other time in the history of credit unions. Total credit union membership reached 105.3 million in October 2015, up 4.3% from October 2014. This marked the fastest growth pace in more than 20 years. Year-to-date through October 2015, credit unions added 3.9 million new members, 1.3 million more than the 2.6 million added during the first 10 months of 2014.
"Heading into 2016, with the economic picture continuing to improve, and the Fed adding its own vote of confidence with its recent interest rate hike, the outlook is quite strong for credit unions and the hardworking families they serve," Rick said.
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