Despite a decrease in consumer credit in July, credit unionsgrew their loan portfolios, according to a report releasedMonday by the Federal Reserve.
|Credit union loans outstanding increased by $2.8 billion to$233.1 billion as of July 31, the Fed said.
|Growth came in non-revolving loans, where credit unions saw a$2.7 billion increase to $195.7 billion. Revolving loansremained steady, with credit unions reporting $37.4 billion inoutstanding balances.
|Overall, consumer credit decreased at a seasonally adjustedannual rate of 1.5%. Total non-revolving credit increased atan annual rate of 1%, but revolving credit decreased by 6.75%.
|Credit union non-revolving loan growth outpaced that ofbanks. Banks saw just a $1.7 billion increase innon-revolving balances outstanding to a total of $530.6 as of July31. Finance companies experienced a decrease in non-revolvingbalances, down $1.2 billion to $604.3 billion.
Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.
Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Critical CUTimes.com information including comprehensive product and service provider listings via the Marketplace Directory, CU Careers, resources from industry leaders, webcasts, and breaking news, analysis and more with our informative Newsletters.
- Exclusive discounts on ALM and CU Times events.
- Access to other award-winning ALM websites including Law.com and GlobeSt.com.
Already have an account? Sign In
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
