On Deadline: New Shares Poured Into CUs During March
Credit unions reported one of their best months in several years for savings growth in March, with an estimated $14.2 billion of new shares pouring in, according to CUNA. The savings growth was helped substantially by a fifth Friday, normally payday, in the month, pushing up both regular shares and share drafts by 4.1% for the period. There was also strong growth for CDs (1.5%) IRAs (1.3%) and money market accounts (1.2%) for the month. Loans grew by 5% for the month, down from 1.3% for the same month a year ago, with mortgage lending continuing to lead the way.