MCUEs: Loans outstanding rose 0.8% in May | 2021-07-20
Outstanding credit unions rose 0.8% in May, compared with a 0.6% increase in April 2021 and a 1.1% increase in May 2020, according to CUNA’s latest monthly credit unions. Credit card loans drove loan growth of 2.0% over the month, followed by used car loans (1.4%), fixed-rate mortgages (0.8%), new car loans (0.5%), home equity loans, and unsecured personal loans (both up by 0 , 4%).
Variable rate mortgages (-0.5%) and other mortgage loans (-0.4%) decreased during the month.
Credit unions’ savings decreased by -0.5% in May, compared with a 1.7% increase in April 2021 and a 2.5% increase in May 2020. Money market accounts added 1.1% over the month %, followed by individual retirement accounts (0.2%) and common stocks (0.01%).
Stock checks (-3.0%) and one-year certificates (-1.2%) declined over the course of the month.
Credit unions’ default over 60 days remained at 0.5% in May.
The savings rate increased from 68.6% in April to 69.5% in May. The liquidity ratio (the ratio of excess funds with a remaining term of less than a year to the loans taken out plus other liabilities) fell from 23.1% in April to 21.7% in May.
The total membership of the credit unions rose 0.2% to 128.7 million in May.
The movement’s total capital ratio remained at 9.8% in May. Total dollar capital increased 1.1% to $ 199.3 billion