Savings Are Flowing Into CUs
Share growth picked up again last month after a brief summer lull, with an estimated $6.7 billion of new deposits flowing into credit unions in August, according to CUNA.
Part of the reason was a fifth payday in August, which helped swell share drafts by 6.3% for the month. Credit unions have been flooded by another $44.5 in new deposits through the first eight months of the year. August also brought strong loan growth of 1.4%, which was led by a 2.3% rise in fixed-rate first mortgages and a 2% increase in home equity lending. Credit unions have rode the mortgage boom this year, growing their real estate loan portfolios by 12.2% through the first eight months, compared to 7.8% for the same period last year. Used and new auto loans also grew a strong 1.2% last month.