adminCUNA Mutual released its monthly Credit Union Trends report, revealing good news on the lending front for CUs nationwide. Credit union loan balances rose 0.7 percent in January, better than the 0.6 percent pace reported in January 2017, and 10.9 percent during the last 12 months. Credit union seasonally-adjusted annualized loan growth reached 11.4 percent in January 2018, the fastest pace since January 2004. This latest credit cycle boom has not yet reached its apex and looks capable of moving into its fifth year of double-digit loan growth. Why is this credit boom so sustainable?
Credit union membership growth during the last four years has exceeded 3 percent, compared to only one percent annual membership growth in 2004- 2005, the last time loan growth exceeded 10 percent. Credit unions today can increase loan balances not only with existing members, but also with many new members discovering for the first time all of the quality financial products and services of a full-service, modern-day credit union.
Read the full trends report here.
