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MCUEs: Credit unions up 1% in February | 2022-04-11

Credit union outstanding loans increased 1.0% in February 2022, compared with a 0.7% increase in January 2022 and a 0.2% decrease in February 2021, according to the latest CUNA Credit union monthly estimates. Unsecured personal loans led to loan growth of 4.6% during the month, followed by fixed rate mortgages (1.3%), home equity loans (1.2%), used car loans (1.0%), other mortgage loans ( 0.9%) and new loans auto loans (0.8%) and other loans (0.6%).

Adjustable rate mortgages (-0.7%) and credit card loans (-0.1%) declined for the month.

Credit union savings increased 1.6% in February, compared to a -0.1% decline in January and a 1.6% increase in February 2021. Stock draft led to savings growth of 3.3% over the month %, followed by regular shares (2.0%). money market accounts (1.4%) and individual retirement accounts (0.2%).

One-year certificates declined (-0.9%).

Credit union arrears of over 60 days remained at 0.5% in February.

The loan-to-deposit ratio declined to 71.0% in February from 71.3% in January. The liquidity ratio (the ratio of excess funds with a maturity of less than one year to borrowings and other liabilities) rose to 18.6% in February from 18.4% in January.

Total credit union membership rose 0.2% to 132.3 million in February.

The movement’s total asset-to-assets ratio fell to 9.6% in February from 9.9% in January. Total capital in dollar terms decreased -1.0% to $204.7 billion.

Richard Dement

The author Richard Dement