Credit union members saved less and borrowed more in May for cars and home equity lines of credit, according to CUNA Mutual Group.
It's monthly Credit Union Trends Report showed portfolios ended May with slightly more than $1 billion in total loans, a growth rate of 1.3% from April to May, compared with a 1.2% month-to-month increase a year ago. Growth over 12 months was 9.9%.
Month-to-month growth accelerated for home equity lines of credit, new cars and used cars, while braking on credit cards and business loans. First-lien mortgages, which have been a leading source of loan growth, stalled at an April-to-May growth rate of 0.8%, the same as a year ago. For the year, first-lien mortgages grew 11.4% to $414.5 billion.
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.
