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.
Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.
Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking credit union news and analysis, on-site and via our newsletters and custom alerts
- Weekly Shared Accounts podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the commercial real estate and financial advisory markets on our other ALM sites, GlobeSt.com and ThinkAdvisor.com
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
