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CREDIT UNION TRENDS REPORT
CUNA Mutual Group – Economics ● March 2017 (January 2017 Data)
Highlights
 During January, credit unions picked up
338,000 in new memberships, loan and
savings balances grew at a 12.8% and
7.4% seasonally-adjusted annualized
pace, respectively. Firms hired 238,000
workers, nominal consumer spending
increased 0.2%, and long-term interest
rates decreased 6 basis points. Real GDP
increased 1.9% in the fourth quarter and
1.6% for all of 2016, below the 2.6%
increase in 2015.
 At the end of January, CUNA’s monthly
estimates reported 5,986 CUs in
operation, 10 fewer than one month
earlier. Year-over-year, the number of
credit unions declined by 244, less than
the 267 lost in the 12 months ending in
January 2016.
 Total credit union assets rose 0.7% in
January, above the 0.6% gain reported in
January 2016. Assets rose 7.5% during
the past year due to a 7.4% increase in
deposits, a 15.1% increase in borrowings,
and a 6.5% increase in capital.
 The nation’s credit unions increased their
loan portfolios by 0.9% in January, more
than the 0.4% pace reported in January
2016. Loan balances are up 11.5% during
the last 12 months. With loan balances
growing faster than savings, credit union
liquidity is tightening up as the credit
union average loan-to-savings ratio
reached 81.2%, up from 78.2% in January
2016.
 Credit union memberships rose 0.31% in
January, up from the 0.19% gain reported
in January 2016. Memberships are up
4.8% during the past year due to robust
demand for credit, solid job growth and
comparatively lower fees and loan interest
rates.
 Credit union loan delinquency rates rose
to 0.82% in January from 0.80% in
December and are unchanged from one
year ago. The credit union capital-to-asset
ratio fell to 10.6% in January from 10.7%
last January, as asset growth outpaced
capital growth.
ECONOMIC, COMPETITIVE AND INTEREST RATE ENVIRONMENT
During January, the economy added 238,000 jobs, the unemployment rate rose
to 4.8%, personal income rose 0.4%, personal spending rose 0.2%, consumer
prices rose 0.6%, consumer confidence fell, new home sales rose 3.7%, existing
home sales rose 3.3%, auto sales fell 4.4%, home prices rose 0.7%, and the 10year Treasury interest rate decreased 6 basis points to average 2.43%.
The Federal Reserve decided to raise the target range for the federal funds rate
to ¾ to 1 percent at their March 15 Federal Open Market Committee (FOMC)
meeting. They also raised the interest rate paid on excess reserves to 1% and
the rate charged on discount loans to 1.5%. The FOMC statement said the labor
market has continued to strengthen and economic activity has continued to
expand. If the U.S. economy continues to add 180,000 non-farm payroll jobs
each month, the value of the dollar stabilizes, and core inflation measures
continue on their upward trajectory, then we believe the Fed will again raise
interest rates on June 14 and again at the end of the year. Expect the federal
funds interest rate range to reach 1.25 to 1.5 percent by the end of 2017, with a 1
percentage point rate increase each year for 2018 and 2019. So in three short
years, we could see credit union 1-year CD rates reaching 3%.
Total Credit Union Lending
Credit union loan balances rose 0.9% in January, better than the 0.4% pace
reported in January 2016, and 11.5% during the last 12 months. Credit union
seasonally-adjusted annualized loan growth reached 12.8% in January 2017, the
fastest pace since January 2000 (Figure 1). This latest credit cycle boom has not
yet reached its apex and looks capable of moving into its fourth year of doubledigit loan growth. Why is this credit boom so sustainable? Three words: faster
membership growth. Credit union membership growth during the last three years
has exceeded 3%, compared to only 1% annual membership growth in 20042005, the last time loan growth exceeded 10%. Credit unions today can increase
loan balances not only with existing members, but also with many new members
discovering for the first time all the quality financial products and services of a
full- service, modern-day credit union.
Figure 1:
CU Loan Growth
Seasonally Adjusted
Annualized Growth Rate
14%
13%
12%
11%
10%
9%
8%
7%
6%
5%
4%
3%
2%
1%
0%
-1% 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18
-2%
14%
13%
12%
11%
10%
9%
8%
7%
6%
5%
4%
3%
2%
1%
0%
-1%
-2%
Credit Union Consumer Installment Credit (CUCIC)
Credit union consumer installment credit balances (auto, credit card and other unsecured loans) rose 1.1% in January,
similar to the 1.2% pace set in January 2016, due to strong auto lending offsetting falling credit card balances. January’s
credit card loan seasonal factors are typically the most negative of the year at -2.38% (Figure 2). Credit union consumer
installment credit grew 11.7% during the last year, bucking the downward trend of the total market excluding credit unions,
which grew only 5.7% (Figure 3). If guaranteed student loans are factored out, then consumer credit increased only 3.8%
for non-credit union lenders. Credit unions now make up 10.2% of the consumer loan market, up from 9.6% a year ago.
Figure 3:
Figure 2:
Credit Card Loan Seasonal Factors
Growth in Consumer Installment Credit
5.0%
January 2016
Percent
4.0%
16
16
3.13%
14
3.0%
14
CUs 11.7%
12
12
2.0%
Total Market
Excluding CUs
5.7%
10
1.0%
0.59% 0.60%
0.05%
0.85%
0.71%
8
0.26%
Feb
Mar
Apr
May
June
July
-1.0%
Aug
Sept -0.24%
Oct
Nov
-0.48%
Dec
6
4
4
Total Market Excluding
CUs & GSLs
3.8%
2
-1.31%
-2.0%
8
6
0.0%
Jan
10
0
-1.95%
13
12
-2.38%
-3.0%
14
06
14
12
15
06
15
12
16
06
2
0
16
12
17
06
17
12
Source: CUNA & NCUA.
Source data: CUNA Economics & Statistics and CUNA Mutual Group - Economics
Vehicle Loans
Credit union used auto loan balances rose 1.2% in January, faster than the 0.7% pace set in January 2016, and rose
13.5% during the last 12 months. But on a seasonally-adjusted annualized basis, used auto loan balances rose at a very
robust 15.8% in January (Figure 4), a rapid acceleration from just six months ago and the fastest pace since January
1997. Strong consumer fundamentals are driving used auto loan growth despite high used vehicle prices: an improving
labor market, low oil prices, faster wage growth, low interest rates, expanding driving-age population, improving
construction activity, and better household balance sheets. January’s used auto loan growth is even more remarkable
given January’s used auto loan seasonal factors are typically the most negative of the year at -0.73% (Figure 5).
Figure 4:
Figure 5:
Used Auto Loan Seasonal Factors
CU Used Loan Growth
1.0%
Seasonally Adjusted
Annualized Growth Rate
20%
19%
18%
17%
16%
15%
14%
13%
12%
11%
10%
9%
8%
7%
6%
5%
4%
3%
2%
1%
0%
-1% 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17
-2%
0.9%
0.72%
0.8%
20%
19%
18%
17%
16%
15%
14%
13%
12%
11%
10%
9%
8%
7%
6%
5%
4%
3%
2%
1%
0%
-1%
-2%
0.7%
0.6%
0.5%
0.39%
0.4%
0.37%
0.31%
0.3%
0.16%
0.14%
0.2%
0.1%
0.0%
-0.1%
Jan
Feb
-0.2%
Mar
Apr
May
June
July
Aug -0.02%
Sept
Oct
Nov
-0.11%
Dec
-0.3%
-0.4%
-0.36%
-0.5%
-0.42%-0.44%
-0.6%
-0.7%
-0.8% -0.73%
-0.9%
-1.0%
Source: CUNA & NCUA.
Vehicle sales at a seasonally adjusted annualized sales rate were 17.6 million in January, 1.6% below the pace set one
year earlier. Expect auto sales to exceed 17.8 million in 2017, slightly more than the record 17.5 million pace set in 2016
due to improving household financial health. Auto sales should reach their peak this year as pent-up demand from the
Great Recession becomes satiated. Factors supporting auto sales include: attractive discounting, low gas prices, ample
access to credit, low debt burdens, strong job growth, and growing hourly earnings.
2 ● Credit Union Trends Report
st
Real Estate Secured Lending – 1 Mortgages and Other Real Estate
Credit union first mortgage originations reached a record $143.2 billion in 2016, a 13% increase over the $126.5 billion in
originations in 2015 (Figure 6). Credit unions proceeded to sell off 39.5% of those originations into the secondary market,
a higher percentage than the 38.8% in 2015. The stage is set for another strong year of credit union first mortgage growth
as rising purchase activity offsets slower refinance business.
The contract interest rate on a 30-year, fixed-rate conventional home mortgage fell to 4.15% in January, from 4.2% in
December, but higher than the 3.87% reported in January 2016. The mortgage credit-risk premium (the difference
between the 30-year mortgage interest rate and the 10-year Treasury interest rate) averaged 1.81% during 2016, above
the 1.71% in 2015 and 1.63% in 2014. The Federal Reserve is maintaining its existing policy of reinvesting principal
payments from its holdings of agency debt and agency mortgage-backed securities into new agency mortgage-backed
securities until normalization of the fed funds rate is well under way. Expect mortgage interest rates to rise 1.5% over the
next few years and reach 5.75% by 2019 as the 10-year Treasury interest rate approaches its long-run equilibrium
average of 4%.
Home prices rose 0.7% in January from December, according to the Core Logic Home Price Index, and 6.9% year-overyear. The Office of Federal Housing Enterprise Oversight (OFHEO) Home Price Index shows home prices rising 6.2%
year-over-year while the National Association of Realtors Existing Home Price Index reports home prices rising a
remarkable 7.3%.
Expect home prices to rise 5-6% in 2017 as the economy adds another 2 million jobs, potential homebuyers jump off the
fence and purchase as interest rates rise, and young adults release some of their pent-up demand for housing. Low gas
prices are also allowing potential homeowners the ability to increase their pace of savings accumulation for a home down
payment. Furthermore, rising rents are tilting the rent-versus-buy calculation more and more in favor of purchasing.
Figure 6:
Figure 7:
Credit Union Liquidity Flows
CU Real Estate Lending Activity
$100
2015
$126.5
100
80
60
$49.0
$56.6
40
$27.0
$28.6
Billions of Dollars
$143.2
120
$ in Billions
$77.0
$80
160
140
$92.6
$90
2016
$70
$60
$50
$40
$30
$10
20
$0
0
-$10
$ Originated
$ Sold
1st Mortgages
Source data: NCUA 5300 and CUNA Mutual Group - Economics
$ Originated
$17.7
$20
$8.4
$8.4
$2.0
$8.6
$1.3
-$5.5
-$5.9
-$20
From 1 month ago
From 1 year ago
HE/Other Mortgage
Loans
Investments
Savings
borrowings
Capital
Surplus Funds (Cash + Investments)
Credit union borrowings grew $17.7 billion in January, (Figure 7), the biggest one-month gain in credit union history, in
order to take advantage of a recent riskless arbitrage profit opportunity. In December 2016, the Federal Reserve
increased the interest rate paid on excess reserves to 0.75%. This created an arbitrage opportunity whereby financial
institutions can borrow funds in the short-term interbank credit markets at a lower interest rate, say 0.60%, and deposit the
funds into their regional Federal Reserve Bank account earning 0.75%. The principal limiting factor on the amount of
credit union borrowings is their quarter-end capital-to-asset ratios.
This arbitrage opportunity exists because the government-sponsored enterprises, Fannie Mae and Freddie Mac, cannot
deposit their excess liquidity at the Federal Reserve and must therefore sell their excess liquidity in the fed funds market.
This keeps the fed funds interest rate below the interest rate on excess reserves.
Borrowings as a percent of assets reached 4.8% in January, up from 3.5% in December 2016. This is close to the recordhigh borrowing ratio set in January 2009 during the height of the financial crisis when credit union borrowings made up
4.9% of their balance sheets. With loan growth expected to outpace savings growth in 2016 and liquidity positions
already tight, expect credit unions to depend more on borrowings to meet rising loan demand.
3 ● Credit Union Trends Report
Savings and Assets
Credit union savings balances fell -0.5% in January, below the -0.3% decline reported in January 2016, due to a surge in
post-holiday consumer spending. January savings balances have historically declined 0.1% due to recurring seasonal
factors. Retail sales grew a strong 0.4% in January, signaling consumers’ willingness to continue pushing the economy
forward. Moreover, credit union members may be beginning to redeploy some of the spending power accumulated over
the last 30 months due to falling energy prices.
The distribution of credit union savings tilted further away from certificates and toward regular shares in 2016 (Figure 8),
as credit union members awaited an increase in the fed funds interest rate, and soon thereafter credit union share
certificate interest rates. Credit union asset growth rates vary significantly by asset size (Figure 9). Billion-dollar credit
unions reported asset growth of 9.2% in 2016, around 6 times faster than the smallest credit unions’ growth rate of 1.6%.
Figure 9:
Figure 8:
Savings Distribution
U.S. Credit Unions
Credit Union Asset Growth
60
60
55
(by Asset size)
10
Certificates
Share Drafts
9
50
MMAs
50
45
IRAs
45
8
40
40
7
35
35
6
30
30
25
25
20
20
15
15
10
10
5
Percent
Regular Shares
9.3 9.2
Year Ending 2015 Q4
55
Year Ending 2016 Q4
7.8
7.1
6.1
6.5
5.4
4.9
5
4.2 4.1
4
3.3 3.2
3
2
1.9
1.6
1
5
0
0
0
< $20 mil $20-$50 $50-$100
89 90 9192 93 94 95 96 9798 99 00 01 02 0304 05 06 07 0809 10 11 12 13 1415 16 17
$100$250
$250$500
$500-$1
bil
>$1 bil
Capital and Other Key Measures
The credit union industry’s net income to average asset ratio, return on assets, rose to 0.76% in 2016, from 0.75% in 2015
(Figure 10), due to billion-dollar credit unions reporting higher income ratios while smaller credit unions reported lower
income ratios. A 3 basis point increase in net interest margins, combined with a 3 basis point increase in non-interest
income and a 1 basis point decrease in operating expense ratios was more than enough to offset a six basis point
increase in loan loss provision expense. Credit unions with greater than $1 billion in assets increased their loan loss
provisions by 4 basis points, moving from 0.39% of average assets in 2015 to 0.43% in 2016.
Return on equity, ROE, ratios fell for most credit unions in 2016, (Figure 11), due to the aforementioned lower return on
asset ratios for smaller credit unions. The ROE ratio is one of the more important credit union metrics because it
determines the long-run sustainable asset growth rate. For example, billion-dollar credit unions reported ROE ratios of
8.7%. This indicates their assets can grow 8.7% while maintaining a constant capital-to-asset ratio.
Figure 10:
Figure 11:
Credit Union Return on Equity
Net Income
(Percent of Average Assets)
120
107
102
100
9.0
104
95
95
8.0
85
84
82
77
2015
8.3
75
76
6.3
75
5.6
6.0
68
64
60
50
4.6
5.0
4.0
3.6
2.6
3.0
31
8.7
2016
7.0
80
Percent
Basis Points
80
40
(by Asset size)
10.0
5.7
5.3
4.2
3.3
2.4
2.0
18
20
1.0
0.9 0.9
0.0
0
00
01
02
03
04
05
06
07
08
09
10
4 ● Credit Union Trends Report
11
12
13
14
15
16
17
< $20
mil
$20-$50
$50$100
$100$250
$250$500
$500-$1
bil
>$1 bil
Credit Unions and Members
As of January 2017, CUNA estimates 5,986 credit unions are in operation, down 244 from January 2016. Year-end 2016
NCUA call report data shows 275 credit unions with assets in excess of $1 billion (Figure 12) They held 61% of the credit
union system assets and 63.1% of the loans, while making up only 4.7% of all credit unions. This is up from 253 billiondollar credit unions in 2015, holding 58.1% of assets and 60.4% of loans. The median asset size of a U.S. credit union
rose to $29.1 million in 2016, an 8.5% increase from the $26.8 million set in 2015.
NCUA’s Insurance Report of Activity showed 21 mergers were approved in January 2017 – four due to “poor financial
condition,” 13 for “expanded services,” 3 due to “inability to obtain officials” and 1 due to “lack of growth.” The merging
credit unions had an average asset size of $54 million. The number of mergers is up from the 16 mergers – two due to
“poor financial condition” and 14 for “expanded services” – reported in January 2016 with a merging credit union average
asset size of $33 million. We are forecasting the number of credit unions will decline 250 in 2017 (Figure 13).
Figure 13:
Figure 12:
Number of CUs
Annual Net Decline in Number of CUs
(by Asset size)
3,000
2016 Q4
2,479
2,500
January 2016 – January 2017 Decline = 244
2015 Q4
2,688
Number of CUs
500
2,000
400
1,500
300
Forecast
363
331
1,157
1,096
353
308
266
281 275 282 277
257
234 246
09
10
240 250
200
1,000
745 746
726 733
100
500
336 341
238 236
253 275
$500-$1
bil
>$1 bil
0
04
0
< $20 mil $20-$50 $50-$100
$100$250
$250$500
05
06
07
08
11
12
13
14
15
16
17
Source data: CUNA Economics & Statistics and CUNA Mutual Group - Economics
Credit unions added 338,000 memberships in January, significantly above the 201,000 gain recorded in January 2016,
(Figure 14) due to strong credit demand and robust job growth. In January, the economy added 238,000 jobs, according
to the Bureau of Labor Statistics, significantly more than the 172,000 jobs added in January 2016. Rapid job creation is
just one sign the job market is tightening quickly and slack is diminishing. Moreover, average hourly earnings for all
employees rose 0.2% in January and 2.8% over the last year due to a low 4.8% unemployment rate.
Total credit union memberships reached 110.0 million in January 2017. In percentage terms, credit union memberships
rose 0.34% in January and 4.8% during the last 12 months. With the economy expected to add another 2.2 million jobs in
2017, credit unions should expect membership growth to exceed 3.5% in 2017 (Figure 15).
Figure 15:
Figure 14:
Month-Only Membership Gains
Credit Union
Membership Growth
January 2017 = 110.0 Million
Members
(000’s)
600
0.201 Million
2016 YTD
500
4.1
452
471
359
3.5
441
3.5
401
350
4.5
4
483
478
400
(Annual Percent Growth)
5
0.338 Million
2017 YTD
389
375
3
338
3.5
3.1
2.9
2.5
300
2.5
269
2.3
2.2
2
201
200
2.1
1.8
1.6
1.4
1.5
1.4
100
1.5
1.4
1.2
1.1
1
0.6
0.5
0
Jan Feb Mar Apr May Jun
Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun
2016
Jul Aug Sep Oct Nov Dec
2017
0
00
Source data: CUNA Economics & Statistics and CUNA Mutual Group - Economics
5 ● Credit Union Trends Report
01
02
03
04
05
06
07
08
09
10
11
12
13
14
15
16
17
National Monthly Credit Union Aggregates
YR/MO
15 01
15 02
15 03
15 04
15 05
15 06
15 07
15 08
15 09
15 10
15 11
15 12
16 01
16 02
16 03
16 04
16 05
16 06
16 07
16 08
16 09
16 10
16 11
16 12
17 01
|------------------ ($ Billions) ---------------------|
LOANS
ASSETS
SAVINGS
CAPITAL
732.7
1,157.8
978.4
124.8
734.6
1,179.7
999.5
124.9
739.4
1,181.6
1,004.5
126.3
746.7
1,184.3
1,003.3
126.9
753.7
1,195.2
1,007.8
127.5
763.5
1,191.2
1,006.8
127.8
771.0
1,203.3
1,016.7
128.7
779.5
1,201.2
1,010.7
129.3
787.5
1,203.4
1,012.3
130.5
791.7
1,218.7
1,027.1
131.2
797.4
1,217.8
1,024.0
131.2
804.9
1,227.8
1,036.3
130.9
808.5
1,234.8
1,033.3
132.7
809.2
1,252.6
1,054.8
133.9
817.9
1,264.6
1,071.8
134.6
823.9
1,278.8
1,080.9
135.5
833.3
1,273.3
1,074.6
136.0
843.5
1,278.8
1,079.9
137.7
851.4
1,289.3
1,084.9
138.5
860.7
1,291.5
1,083.6
138.8
867.7
1,301.8
1,099.1
139.9
875.1
1,307.9
1,098.9
140.4
883.3
1,311.8
1,101.1
140.0
892.6
1,317.8
1,115.8
140.0
901.1
1,327.3
1,110.3
141.3
(Millions)
MEMBERS
101.6
101.9
102.2
102.5
102.9
103.3
103.5
103.9
104.4
104.6
104.8
105.0
105.2
105.5
106.0
106.4
106.8
107.1
107.6
108.1
108.5
108.8
109.2
109.6
110.0
CREDIT
UNIONS
6,497
6,460
6,447
6,432
6,417
6,397
6,359
6,358
6,329
6,264
6,275
6,236
6,230
6,219
6,195
6,135
6,133
6,126
6,124
6,101
6,082
6,046
6,028
5,996
5,986
LOAN /
SAVINGS
74.8
73.5
73.6
74.4
74.8
75.8
75.8
77.1
77.8
77.1
77.9
77.7
78.2
76.7
76.3
76.2
77.5
78.1
78.5
79.4
78.9
79.6
80.2
80.0
81.2
CAPITAL/
ASSET
RATIO
10.8
10.6
10.7
10.7
10.7
10.7
10.7
10.8
10.8
10.8
10.8
10.7
10.7
10.7
10.6
10.6
10.7
10.8
10.7
10.8
10.7
10.7
10.7
10.6
10.6
# OF CUs
DECLINE
(262)
(286)
(288)
(267)
(260)
(274)
(299)
(296)
(263)
(316)
(256)
(277)
(267)
(241)
(252)
(297)
(284)
(271)
(235)
(257)
(247)
(218)
(247)
(240)
(244)
Delinquency
Ratio*
0.834%
0.738%
0.683%
0.728%
0.737%
0.740%
0.757%
0.779%
0.776%
0.790%
0.820%
0.809%
0.816%
0.764%
0.706%
0.728%
0.728%
0.745%
0.774%
0.774%
0.769%
0.788%
0.805%
0.802%
0.816%
Credit Union Growth Rates
Percent Change Previous Year
YR/MO
15 01
15 02
15 03
15 04
15 05
15 06
15 07
15 08
15 09
15 10
15 11
15 12
16 01
16 02
16 03
16 04
16 05
16 06
16 07
16 08
16 09
16 10
16 11
16 12
17 01
LOANS
10.6
10.8
10.8
10.8
10.7
10.7
10.4
10.4
10.7
10.2
10.2
10.4
10.3
10.1
10.6
10.3
10.6
10.5
10.4
10.4
10.2
10.5
10.8
10.9
11.5
ASSETS
5.7
5.6
5.5
5.9
5.7
5.8
6.6
5.5
6.5
6.3
6.1
7.3
6.6
6.2
7.0
8.0
6.5
7.4
7.1
7.5
8.2
7.3
7.7
7.3
7.5
SAVINGS
4.3
4.2
4.3
4.8
4.3
4.9
6.1
4.7
5.6
5.8
5.6
6.8
5.5
5.5
6.7
7.7
6.7
7.3
6.7
7.2
8.6
7.0
7.5
7.7
7.5
CAPITAL
8.7
7.9
8.7
8.2
7.2
6.9
7.3
6.5
7.4
6.8
6.1
6.0
6.3
7.2
6.6
6.8
6.6
7.8
7.6
7.4
7.2
7.0
6.7
6.9
6.5
MEMBERS
3.1
3.1
3.0
3.0
3.1
3.2
3.2
3.2
3.5
3.7
3.6
3.5
3.5
3.6
3.8
3.7
3.8
3.7
3.9
4.0
3.9
3.9
4.2
4.4
4.6
* Loans two or more months delinquent as a percent of total loans.
6 ● Credit Union Trends Report
# OF CUs
(3.9)
(4.2)
(4.3)
(4.0)
(3.9)
(4.1)
(4.5)
(4.5)
(4.0)
(4.8)
(3.9)
(4.2)
(4.1)
(3.7)
(3.9)
(4.6)
(4.4)
(4.2)
(3.7)
(4.0)
(3.9)
(3.5)
(3.9)
(3.9)
(3.9)
Distribution of Credit Union Loans
Estimated $ (Billions) Outstanding
ST
YR/MO
15 01
15 02
15 03
15 04
15 05
15 06
15 07
15 08
15 09
15 10
15 11
15 12
16 01
16 02
16 03
16 04
16 05
16 06
16 07
16 08
16 09
16 10
16 11
16 12
17 01
TOTAL
NEW USED TOTAL
LOANS | VEHICLE LOANS |
732.7
89.2 147.4
236.6
734.6
90.2 148.2
238.3
739.4
90.7 149.8
240.5
746.7
92.1 151.4
243.5
753.7
92.7 153.3
246.0
763.5
94.3 155.6
249.9
771.0
95.5 158.0
253.5
779.5
96.6 159.8
256.5
787.5
98.3 161.4
259.8
791.7
99.5 162.8
262.3
797.4 100.1 163.5
263.6
804.9 101.6 164.8
266.4
808.5 102.9 165.9
268.8
809.2 103.4 166.9
270.4
817.9 104.6 169.7
274.3
823.9 105.6 171.9
277.5
833.3 106.9 173.8
280.7
843.5 108.9 176.0
284.9
851.4 110.4 177.7
288.1
860.7 112.2 179.7
291.9
867.7 113.9 181.2
295.1
875.1 115.2 182.6
297.9
883.3 117.1 184.2
301.3
892.6 119.3 186.0
305.3
901.1 121.0 188.3
309.3
UNSEC CREDIT
Ex. CC’S CARDS
32.9
46.3
32.5
45.5
32.1
45.5
32.7
45.8
32.9
46.3
33.4
46.6
34.1
47.0
34.6
47.7
34.6
47.8
34.8
47.8
35.2
48.5
35.5
49.6
35.7
49.2
35.1
48.6
35.1
48.7
35.4
48.8
35.7
49.4
36.2
49.9
36.5
50.5
37.0
51.0
37.2
51.1
37.6
51.4
38.2
52.0
38.4
53.1
38.7
52.5
CUCIC
304.5
307.8
307.7
312.3
315.7
322.7
327.2
330.2
333.4
335.5
337.1
341.7
345.9
347.5
350.6
353.9
360.6
357.8
362.8
369.6
373.5
378.8
380.3
382.0
386.2
1
MORT
TOTAL
298.9
297.6
303.5
305.4
307.2
312.8
315.0
317.2
322.4
322.7
326.3
329.2
329.3
330.6
334.8
334.9
338.6
342.8
343.7
347.4
351.8
353.1
356.2
363.4
366.4
TOT. OTHR TOTAL
MORT
REAL
ND
2 +HE ESTATE
74.5
373.3
74.1
371.7
73.0
376.5
74.5
379.8
74.4
381.7
73.7
386.5
74.4
389.4
75.1
392.3
74.9
397.3
75.9
398.6
76.2
402.4
75.9
405.1
76.6
405.9
76.4
407.0
75.8
410.6
76.8
411.7
77.2
415.8
76.9
419.7
78.2
421.9
78.6
426.0
77.9
429.6
79.5
432.6
79.7
435.9
79.2
442.6
79.9
446.3
MBLs*
54.9
55.1
55.2
54.6
56.3
54.3
54.4
56.9
56.8
57.5
57.8
58.0
56.7
54.6
62.2
58.2
57.0
65.9
66.7
65.1
64.6
63.7
67.0
68.1
68.5
TOT. OTHR TOTAL
MORT
REAL
ND
2 +HE ESTATE
3.3
7.7
3.3
6.9
2.5
7.6
4.2
8.0
3.9
7.9
2.3
8.1
2.6
8.4
3.1
8.7
2.8
8.6
2.8
8.5
3.0
9.0
3.4
8.9
2.9
8.7
3.1
9.5
3.9
9.1
3.1
8.4
3.7
8.9
4.4
8.6
5.2
8.4
4.7
8.6
3.9
8.1
4.8
8.5
4.6
8.3
4.3
9.2
4.3
10.0
MBLs*
14.4
15.8
16.2
14.3
17.4
13.6
4.9
8.5
8.0
8.8
8.6
7.5
3.3
-1.0
2.6
6.7
1.2
21.5
22.6
14.2
13.6
10.8
16.0
17.3
20.9
* Member Business Loans
Distribution of Credit Union Loans
Percent Change From Prior Year
ST
YR/MO
15 01
15 02
15 03
15 04
15 05
15 06
15 07
15 08
15 09
15 10
15 11
15 12
16 01
16 02
16 03
16 04
16 05
16 06
16 07
16 08
16 09
16 10
16 11
16 12
17 01
TOTAL
NEW USED TOTAL
LOANS | VEHICLE LOANS |
10.6
21.3
13.0
16.0
10.8
22.4
13.1
16.4
10.8
21.4
13.2
16.1
10.8
21.9
13.0
16.2
10.7
20.5
13.2
15.8
10.7
19.5
13.0
15.4
10.4
18.7
13.3
15.3
10.4
17.5
13.3
14.9
10.7
17.5
13.1
14.7
10.2
16.0
12.6
13.9
10.2
15.3
12.3
13.4
10.4
15.9
12.7
13.9
10.3
15.3
12.5
13.6
10.1
14.7
12.7
13.4
10.6
15.3
13.3
14.0
10.3
14.7
13.5
14.0
10.6
15.4
13.3
14.1
10.5
15.5
13.1
14.0
10.4
15.6
12.5
13.7
10.4
16.1
12.4
13.8
10.2
15.8
12.3
13.6
10.5
15.8
12.2
13.6
10.8
17.0
12.6
14.3
10.9
17.4
12.9
14.6
11.5
17.6
13.5
15.1
7 ● Credit Union Trends Report
UNSEC CREDIT
Ex. CC’S CARDS
10.5
8.2
9.9
8.0
10.2
7.6
9.7
7.4
9.4
7.3
9.7
6.8
9.4
6.3
10.0
6.6
9.5
6.5
9.2
6.3
9.4
6.3
8.4
6.1
8.3
6.3
8.1
6.8
9.1
6.9
8.5
6.6
8.4
6.8
8.5
7.0
6.9
7.6
7.2
7.0
7.5
6.8
8.2
7.3
8.4
7.2
8.2
6.9
8.4
6.7
CUCIC
13.7
14.9
14.0
13.9
13.0
13.5
13.7
12.8
13.7
12.6
12.0
12.9
13.6
12.9
13.9
13.3
14.2
10.9
10.9
12.0
12.0
12.9
12.8
11.8
11.7
1
MORT
TOTAL
8.9
7.8
8.9
9.0
8.9
9.6
9.9
10.1
10.1
9.9
10.5
10.2
10.2
11.1
10.3
9.7
10.2
9.6
9.1
9.5
9.1
9.4
9.2
10.4
11.3
Annual Growth Rates
Total Loans & Installment Credit
Percent
Total Loans
CU Loan Portfolio
$ in Billions
$804.9
16
15
14
13
12
11
10
9
8
7
6
5
4
3
2
1
0
800
$728.9
700
600
500 $474.2
400
$511.1
51.8% 54.1%
$587.4 $580.3 $587.0 $615.1
$544.1 $580.5
$660.1
59.6% 61.0% 61.5% 60.3% 59.8%
56.7% 59.3%
57.2% 57.1%
57.5%
58.5%
300
200
100
0
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
Jan.
1 2 3 4 5 6 7 8 9 10 11 12 1 2 3 4 5 6 7 8 9 10 11 12 1 2 3 4 5 6 7 8 9 10 11 12
2015
2016
2017
CIC
CIC Share of Total Loans
at Credit Unions
Percent
$ Billions
44
400
380
43.3
43.0
42.9
42.8
43
42.5
42.442.4 42.4
42.3
42.3 42.3
42
$892.6 $901.1
900
CUCIC
43.3
43.1
43.0
42.9
42.9
42.8
42.6
42.4
360
42.2
340
41.9
41.6
41.9
41.8
41.6
320
Other
Consumer Installment Credit
at Credit Unions
386
382
379380
374
370
363
361
358
354
346348345
342
337
333336
330
327
323
316
312
308308
305
300
41
280
260
40
240
39
1
2 3
4
5
6
7 8
2015
9 10 11 12 1
2
3
4 5
6
7
8 9 10 11 12 1 2
2016
3
4
5 6
7
8
9 10 11 12
220
1 2 3 4 5 6 7 8 9 10 11 12 1 2 3 4 5 6 7 8 9 10 11 12 1 2 3 4 5 6 7 8 9 10 11 12
2017
2015
2016
2017
This report on key CU indicators is based on data from CUNA E&S’s Monthly Credit Union
Estimates, the Federal Reserve Board, and CUNA Mutual Group – Economics.
To access this report on the Internet:
 Sign in at cunamutual.com
 Go to the “Resource Library” tab
 Under “Publications” heading, select Credit Union Trends Report
If you have any questions, comments, or need additional information, please call. Thank you.
Steven Rick
800.356.2644, Ext. 665.5454
[email protected]
CUNA Mutual Group – Economics
© CUNA Mutual Group, 2017 All Rights Reserved.
CUNA Mutual Group is the marketing name for CUNA Mutual Holding Company, a mutual insurance holding company, its subsidiaries and affiliates.
8 ● Credit Union Trends Report