Credit unions continued to increase consumer lending twice as fast as other lenders in August, keeping their share record territory for the post-recession era.
The Federal Reserve System's Consumer Credit Report released Friday showed auto lending again accounted for the bulk of the gain, while credit card growth was more modest.
Total consumer credit stood at $3.7 trillion on Aug. 31, up 5.5% from a year earlier.
Credit unions held $412.5 billion in consumer debt on Aug. 31, up 11.6% from a year earlier. That was twice the growth rate for all consumer lending, which rose 5.5% to $3.7 trillion.
Credit unions' share of total consumer debt was 11% in August, compared with 11.09% of in July and 10.4% in August 2016. The July share was a record not surpassed since it stood at 11.17% in July 1998. Before that, it was last at 11% in May 2000. The all-time highest share was 14.74% in July 1978.
Banks held $1.5 trillion in consumer debt on Aug. 31, up 4.3% from a year earlier. Banks' share of total consumer debt was 40.97% in August, compared with 40.94% in July and 41.45% a year earlier.
Total credit card debt was $969.9 billion on Aug. 31, up 5.6% from a year earlier.
Credit unions held $55.1 billion in credit card debt on Aug. 31, up 8.3% from a year earlier. Their share stood at 5.68% in August, compared with 5.64% in July and 5.54% a year ago.
Banks held $835.4 billion in credit card debt on Aug. 31, up 4.9% from a year earlier, while finance companies held $26.8 billion in credit card debt on Aug. 31, up 7.3%.
Total U.S. non-revolving debt was $2779.9 billion on Aug. 31, up 5.5% from a year earlier. The components are released in more detail each quarter, but student loans accounted for 53% of the total in June, while auto loans accounted for 40%. September numbers will be released Nov. 7.
Credit unions held $357.4 billion in non-revolving debt on Aug. 31, up 12.1% from a year earlier. Car loans account for more than 90% of non-revolving loans at credit unions. Their share of non-revolving loans was 12.86% in August, up 76 basis points from a year ago, but down 12 basis points from July.
July's share was the highest since it reached 13.02% in August 2007. Credit unions had a 17.18% share in December 1978, their highest since the Fed began tracking the numbers in January 1943.
Banks held $700.9 billion in non-revolving consumer debt on Aug. 31, up 3.6% from a year earlier. Their share continued to shrink. It was 25.21% in August, down 46 basis points from a year ago and 2 basis points from July.
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Jim DuPlessis
Jim covers economic data trends emerging for credit unions, as well as branch news and dividends.
