MADISON, Wis. CUNA reported that credit union loans, membership and savings all rose in August.
Credit union loans outstanding grew 1.1% in August; led by adjustable-rate mortgages (a 1.9% growth), unsecured personal loans (1.8%), new-auto loans (1.5%), used-auto loans (1.3%), fixed-rate first mortgages (1%) and credit card loans (1%). Other mortgages and home equity loans each declined 0.2%.
Credit union savings grew 0.9% in the month and membership increased by 0.4%.
"Credit union loan growth is surprisingly on the upside with balances increasing 1.1% in August and 6.4% year over year," said Steve Rick, CUNA senior economist. "This is the fastest pace since the 6.7% increase in 2008. With car sales reaching more than 15 million units this year, credit union new-auto loan balances are surging. Over the past year, new-auto loan balances increased 11.9%--the fastest growing credit union loan category.
