That explained most — but not all — of the difference in underlying values. The new Equifax-based estimates have total loans that are 15% less than the $1.66 trillion reported by the NCUA as of Dec. 31, 2024 gathered from Callahan’s Peer Suite.

Auto loans were close to the NCUA. The Equifax-based estimate was only 0.5% less than the $484.8 billion reported by the NCUA.

However, first mortgages were 8% less than the $597.9 billion reported by the NCUA, and total real estate loans were 7% less than the $755.5 million reported by the NCUA.

The Equifax-based balance for credit cards was 3.6% higher in December than estimates in the Fed’s G-19 Consumer Credit Report. Historically, the Fed has used the estimates from CUNA and then AmCU, and then benchmarked them to the quarterly NCUA reports.

Because of the differences in what Equifax counts and what NCUA counts, the Equifax-based numbers won’t be benchmarked to the quarterly NCUA data.

The folks at AmCU suggested looking at the percentage changes of each loan category, rather than the underlying values.

Then there were other differences from the previous series provided in the past by CUNA and now no longer by AmCU.

AmCU’s publicly available data no longer includes assets, savings, surplus funds, capital, and borrowing and other liabilities. Also missing are numbers of credit unions and members and total loan delinquency rates.

AmCU no longer splits out new car loans and used car loans, a vital distinction in the understanding trends in that sector.

The new report’s numbers continued the story of the old. Total loan growth generally is slowing. Auto loan balances are falling.

For the first, the 12-month growth rate has been below 2% since last June. The last time it was below 2% was in October and November 2010.

The previous Estimates report was just the numbers. The AmCU website now has at least a hint of analysis. "Generally slow loan growth reflects consumer caution against a backdrop of stubbornly high inflation, still high interest rates and modest declines in consumer confidence," it said.

One of the pluses of the new report was that AmCU has provided Equifax-based estimates going back to 2006. Previously CU Times had a list that went back only as far as about 2013.

The percentage growth for total loans from a year earlier was lower under the new report for all but 10 of the last 125 months.

The new report showed total loans grew 1.7% in January from a year earlier. Total loan growth has been under 2% since last August. The last streak of below 2% growth was from May 2010 to December 2011 in the wake of the Great Recession.

The story of declining auto lending at credit unions was similar in the new data to the old data. Total auto loans peaked at November 2023 and by January were at their lowest level since January 2023.

The new report showed as of Jan. 31:

• Total loans were up 1.7% from a year earlier and up 0.2% from the previous month, compared with the 10-year average December-to-January gain of 0.6%.
• First mortgages were up 1.2% from a year earlier and up 0.2% from the previous month, compared with the 10-year average gain of 0.6%.
• Second mortgages were up 10.5% from a year earlier and up 1% from the previous month, compared with the 10-year average gain of 0%.
• HELOCs were up 16.5% from a year earlier and up 1.3% from the previous month, compared with the 10-year average gain of 0.9%.
• Auto loans were down 2.3% from a year earlier and down 0.2% from the previous month, compared with the 10-year average gain of 0.5%. Auto loans were 34.2% of total loans.
• Secured personal loans down 2.5% from a year earlier and down 0.6% from the previous month, compared with the 10-year average drop of -0.2%.
• Unsecured personal loans were $66 billion at Jan. 31, up 6% from a year earlier and up 0.4% from the previous month, compared with the 10-year average gain of 0.9%.