Credit unions ended 2020 with their slowest loan growth in more than five years as the continued weakness in auto loans and credit card use was compounded by slowing growth in real estate, according to reports released Friday.
CUNA's Monthly Credit Union Estimates, showed credit unions had $1.19 trillion in total loans at Dec. 31, up 5% from a year earlier.
CUNA chief economist Mike Schenk said the last time loan growth was that low was around 2012. "At that point we were limping out of the Great Recession."
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