New Savings Continue To Flood Into Share Accounts

New savings continued to flow into credit unions in June, though at a much slower rate than the previous months. Data compiled by CUNA shows another $1.3-billion of new shares were deposited in credit unions in June, making a total of $34.5 billion of new shares for the first half of the year. The first half growth puts credit unions well on pace to top last year's record of $62.2 billion of new shares. Lending picked up in June, with loan portfolios growing by 0.8%. Mortgage lending continued to lead the way, with adjustable-rate mortgages rising 1.7%; second mortgages by 1.5%, and home equity loans by 1.4%. New auto loans grew by a strong 1.2% and used car loans by 0.8%.