2010 Will Be Deemed 'Off Year,' Analyst Says
MADISON, Wis.-Loan balances, membership and credit quality all saw a boost in June but are flat or down compared to a year ago.
That's according to analysis from CUNA senior economist Steve Rick. "This year is going to be considered the 'off year' when it comes to credit union loan balances," Rick told CUNA News Now.
• Outstanding loans rose 0.3% in June, a slight increase compared to a 0.2% bump during May. But year over year totals were down as CU loans totaled $582 billion in June 2010 compared to $585.9 billion in June 2009.
• Adjustable-rate mortgages led growth, increasing by 1.2%. Unsecured loans saw a 1% jump, used-car loans grew by 0.8% and credit cards inched 0.3% higher. Fixed-rate and new-auto loans both declined.
• 60-plus-day delinquencies decreased slightly, falling from 1.77% in May to 1.71% in June. Both figures are well below the 1.85% high saw in January.
• Overall membership rose at the fastest rate since August 2009, growing by 0.32% to hit 92.81 million members. However, memberships are only up by 1.15% over last year.