Credit union loans rose 0.4 percent in October

Credit union loans increased 0.4 percent in October, according to America’s Credit Unions’ latest Monthly Credit Union Estimates.

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The 0.4 percent increase is that same as it was in September of 2024 and October of 2023.

Home equity loans had the highest growth rate in the quarter, rising 3.3 percent, followed by other fixed rate mortgages, up 3 percent, credit card loans, up 0.6 percent, unsecured personal loans, also up 0.6 percent, and other mortgage loans, up 0.2 percent.

On the decline were new auto loans, down 0.1 percent, used auto loans, down 0.1 percent, and adjustable-rate mortgages, down 1 percent.

Further, the report found that credit union savings balances increased 0.7 percent in October, compared to a 0.04 percent decline in September 2024 and a 0.7 percent drop in October 2023.

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Also, one-year certificates led savings growth in October, rising to 1.3 percent, followed by share drafts, up 1.1 percent, money market accounts, up 0.6 percent, and regular shares, up 0.2 percent. On the decline were individual retirement accounts, down 0.03 percent.

Among other findings, credit unions’ 60+ day delinquency increased to 0.9 percent in October.

In addition, the loan-to-savings ratio decreased from 84.3 percent in September to 84 percent in October. Further, the liquidity ratio rose from 14.1 percent in September to 14.4 percent in October. The liquidity ratio is the ratio of surplus funds maturing in less than one year to borrowings plus other liabilities.

Finally, the total number of credit union memberships ticked up 0.01 percent in October to 144 million.