Results from 10 of the nation's largest credit unions pointed to auto lending as the chief culprit for a severe drop in loan production in the third quarter.
NCUA data showed the 10 credit unions produced $28.8 billion in loans in the three months ending Sept. 30, down 17% from 2023's third quarter and down 6% from this year's second quarter.
That followed a drop in total originations of 9% from $38.1 billion in 2022's third quarter to $34.6 billion in 2023's third quarter.
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