Credit union loans increase in November

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Credit union loans outstanding increased 0.4% in November, compared to a 0.4% increase in October 2023 and a 1% increase in November 2022, according to the latest America’s Credit Unions Monthly Credit Union Estimates. The estimates are based on information from a monthly sample of credit unions.

Other mortgage loans led loan growth during the month, rising 3%, followed by credit card loans (1.7%), adjustable-rate mortgages (1.4%), home equity loans (1.5%), and unsecured personal loans (0.9%).

On the decline were new auto loans (-0.2%), used auto loans (-0.02%) and fixed-rate mortgages (-0.09%).

Credit union savings balances increased 0.3% in November, compared to a -0.6% decrease in October 2023 and a -0.3% decline in November of 2022. One-year certificate led savings growth during the month, rising 3.1%, followed by share drafts (0.9%).

On the decline were individual retirement accounts (-0.7%), regular shares (-0.8%), and money market accounts (-1.5%).

Credit unions’ 60+ day delinquency rate increased from 0.7% in October to 0.8% in November.

The loan-to-savings ratio increased from 85.7% in October to 85.8% in November. The liquidity ratio (the ratio of surplus funds maturing in less than one year to borrowings plus other liabilities) increased from 11.6% in October to 12% in November.

Total credit union membership increased 0.1% during November to 141.8 million.

The movement’s overall capital-to-asset ratio increased to 8.9% in November from 8.7% in October. The total dollar amount of capital increased 3% to $202.4 billion.

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