The American Bankers Association's index of consumer loan delinquencies has fallen for the ninth consecutive quarter, underscoring the health of banks' portfolios but raising concerns that the cycle is about to turn.

The composite delinquency rate, which accounts for eight types of closed-end loans, fell in the second quarter to 1.71% of accounts. It has not been lower in the 20 years that the ABA has been collecting and tracking the data from members.

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