adminTotal credit union membership grew 0.26 percent in September to 117.9 million according to CUNA’s Monthly Credit Union Estimates, while loan growth rates for the month were 0.69 percent. Both rates represent a decline from August, but CUNA Senior Economist Samira Salem said part of the decline is standard this time of year.
“Credit union membership and loan growth tend to be slower in the month of September,” she said. “Still, year-over-year rates are 4.4 percent for membership growth and 9.8 percent for loan growth. The latest CUNA 2018 forecast puts membership and loan growth at still healthy, yet slightly lower rates of 4.1 percent and 9.5 percent, respectively.”
In late September, the Federal Open Market Committee raised interest rates for the third time this year. Credit union loan and deposit rates, which have been steadily increasing over the past year, increased across all 10 major categories of interest rates that CUNA tracks in September.
