Credit union lending deteriorated broadly in February, with the exception of home equity lines of credit, according to reports released late Monday by America’s Credit Unions and the Federal Reserve Board.

AmCU’s Credit Union Monthly Estimates, which is based on data from Equifax, showed non-commercial lending rose 1.5% from a year earlier and fell 0.3% from January, compared with the average January-to-February gain of 0.3% from 2015 to 2024.

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January-to-February balance drops occurred with auto loans, personal loans, credit cards, first mortgages and second mortgages. Balances rose during the month for home equity lines of credit.

Credit unions have increased their share of credit card balances as their 12-month gains over the last three months occurred as bank balances fell, according to the Fed’s G-19 Consumer Credit Survey released Monday.

CU Times reports on the Fed’s G-19 numbers for credit cards because they are regularly revised based on NCUA reports, while AmCU’s Equifax-based estimates are not revised. Also, the Fed reports on banks and all other types of lenders, allowing comparisons, and its data for credit unions goes back to 1984, when credit unions first began offering them. Bank data for cards goes back to 1968.

The Fed showed credit unions held $85.3 billion in credit card debt Feb. 28, up 5.1% from a year earlier. The balance fell 1.4% from January, compared with the 10-year average drop of 0.9%.

Credit unions’ share of credit cards was 6.7% in February, unchanged from January and up from 6.3% in February 2024.

Banks held $1.1 trillion in credit card debt, down 1.5% from a year earlier and down 1.6% from January, matching the 10-year average drop.

Banks’ share was 90.4% in February, unchanged from January and down from 90.7% in February 2024.

AmCU’s report showed the downward trend continued for auto lending. February marked the fifth consecutive month-to-month drop and the tenth month of declines from a year earlier.

Auto loans fell 2.2% from a year earlier and fell 0.1% from January, compared with the 10-year average February gain of 0.5%.

AmCU’s report also showed the following statistics from February:

  • First mortgages rose 0.8% from a year earlier and fell 0.4% from January, compared with the 10-year average gain of 0.3%.
  • Second mortgages rose 9.5% from a year earlier and fell 0.2% from January, compared with the 10-year average drop of 0.2%.
  • HELOCs rose 16.5% from a year earlier and rose 0.9% from January, compared with the 10-year average gain of 0.4%.
  • Secured personal loans fell 2.2% from a year earlier and fell 0.6% from January, compared with the 10-year average drop of 0.1%.
  • Unsecured personal loans rose 5.3% from a year earlier and fell 0.3% from January, compared with the 10-year average gain of 0.1%.
Contact Jim DuPlessis at [email protected].

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Jim DuPlessis

Jim covers economic data trends emerging for credit unions, as well as branch news and dividends.