CREDIT UNION TRENDS REPORT
CUNA Mutual Group – Economics ● April 2015 (February 2015 data)
Highlights
 During February, credit unions picked
up 440,000 new members, credit union
loan balances grew at an annual 10.9%
pace, bonuses and tax refunds boosted
deposit balances 1.9%, firms hired
264,000 workers, the housing market
picked up steam, long-term interest
rates rose, and the Federal Reserve
lowered the economic bar for what
would be necessary for them to tighten
monetary policy.
 At the end of February, CUNA’s
monthly estimates reported 6,437 CUs
in operation, down 37 CUs from one
month earlier. Year-to-date the number
of credit unions declined by 76, greater
than the 49 lost in the first two months
of 2014.
 Credit union savings balances rose
1.9% in February, slightly less than the
2.2% advance reported in February
2014. Remarkably, the additional $18.8
billion in deposits was equal to half the
total deposit increase during the past 12
months.
 The nation’s CUs increased their loan
portfolios 0.22% in February, greater
than the 0.11% pace reported in
February 2014. February is historically
the weakest month for loan growth.
Loan balances are currently increasing
at a seasonally adjusted annualized
rate of 10.9% and should remain above
10% for the next two years.
 Credit union memberships rose a robust
440,000 in February, or 0.4% monthover-month, up from 307,000 reported
in February 2014, or 0.3%, to reach
102.3 million. The underlying annual
membership growth rate is now 3.8%,
the highest in over 25 years.
 Credit union loan delinquency rates fell
to 0.78% in February, down from 0.89%
one year earlier and lower than the
1.19% past 10-year average. By year
end, delinquency rate should hit 0.75%.
ECONOMIC, COMPETITIVE, AND THE INTEREST RATE ENVIRONMENT
Despite the adverse winter weather in February, the economy added 264,000
jobs, the unemployment rate fell to 5.5%, personal income rose 0.4%,
consumer prices climbed 0.2%, new home sales jumped 7.8%, existing home
sales rose 1.2%, home prices rose 1.1%, job openings surged to 5.13 million
and the 10-year Treasury interest rate rose 10 basis points to average 1.98%.
These disparate economic indicators paint a portrait of an economy that is
growing at an underlying pace of 3%, even though first quarter GDP numbers
will be half that due to adverse winter weather and the West Coast dockworkers’ labor actions. The U.S. economy should expand 3% in 2015, greater
than the 2.4% reported in 2014, and 3.25% in 2016. This will close the
economies’ output gap and restore the labor market to full employment by the
end of 2016. The Federal Reserve will respond to the strengthening economic
conditions by raising their fed funds interest target to 2.25% by December 2016.
Total Lending
Credit union loan balances rose 0.22% in February 2015, double the 0.11%
pace reported in February 2014, due to faster growth in auto loans, adjustablerate mortgages and home-equity loans. Historically, February is the month with
the slowest growth in loan balances due to seasonal factors shaving off 0.62
percentage points from the underlying trend growth rate, which is currently
running at 0.84% monthly pace.
Credit union loan balances are now growing at a 10.9% seasonally-adjusted
annualized growth rate, see Figure 1, similar to the credit boom of 2004.
Expect loan balances to grow over 10% in 2015 and 2016 as the strengthening
economy boosts members’ willingness and ability to accumulate debt and
therefore satisfy some of their pent up demand that was accumulated during the
weak and uncertain economic recovery of the last six years. This will push loanto-savings ratios to almost 86% by year-end 2016, the highest since 1980.
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
-2%
Figure 1
14%
13%
12%
11%
10%
9%
8%
7%
6%
5%
4%
3%
2%
1%
0%
-1%
-2%
Credit Union Consumer Installment Credit (CUCIC)
Credit unions’ consumer installment credit balances rose 1.1% in February 2015, significantly better than the zero percent
growth reported in February 2014. Credit card balances fell 1.9% in February as members used bonuses and tax refunds
to pay down balances accumulated during December, see Figure 3. During the last 12 months credit union consumer
installment credit balances rose a strong 14.9%, more than double the 6.1% pace of the total market, excluding credit
unions, see Figure 2. The outlook for credit unions’ consumer installment credit growth is positive because of strong
consumer fundamentals like the improving labor market, rising home and stock values, low gas prices, faster wage
growth, and greater access to credit.
Growth in Consumer Installment Credit
February 2015
Percent
16
CUs 14.9%
12
Total Market
Excl. CUs
6.1%
8
Credit Card Loan Seasonal Factors
5.0%
3.90%
4.0%
3.0%
2.0%
1.00%
1.0%
4
0.07%
0.26%
0.72%
0.62% 0.46%
0.0%
Jan
0
Total Market Excl.
CUs & GSLs
2.6%
-4
11
12
12
06
12
12
13
06
13
12
14
06
Feb
Mar
Apr
May
June
July
Sept -0.04%
Oct
Nov
Aug
Dec
-0.61%
-1.0%
-1.41%
-2.0%
14
12
-3.0%
-2.30%
-2.50%
Source: CUNA & NCUA.
Source data: CUNA Economics & Statistics and CUNA Mutual Group - Economics
Figure 2
Figure 3
Vehicle Loans
Credit union new-auto loan balances rose a surprising strong 1.2% in February, significantly better than the 0.3% gain
reported in February last year, and given the fact that February’s seasonal factors usually shave off 0.63 percentage
points from the underlying trend growth rate, see Figure 5. Credit union new-auto loan balances are currently growing at
a 24.9% seasonally-adjusted annualized growth rate, the fastest pace since January 1999, see Figure 4. Used-auto loan
balances are also reporting a strong seasonally-adjusted annualized growth of 15.6%, that fastest since September 1997.
New Auto Loan Seasonal Factors
CU New Auto Growth
1.2%
Seasonally Adjusted
Annualized Growth Rate
28%
26%
24%
22%
20%
18%
16%
14%
12%
10%
8%
6%
4%
2%
0%
-2% 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15
-4%
-6%
-8%
-10%
-12%
-14%
-16%
-18%
Figure 4
1.0%
28%
26%
24%
22%
20%
18%
16%
14%
12%
10%
8%
6%
4%
2%
0%
-2%
-4%
-6%
-8%
-10%
-12%
-14%
-16%
-18%
0.90%
0.75%
0.8%
0.6%
0.44%
0.40%
0.4%
0.23%
0.2%
0.03%
0.0%
Jan
Feb
Mar
-0.2%
-0.4%
-0.6%
Apr
May
-0.13%
-0.32%
June
July
Aug
Sept
Oct
Nov
Dec
-0.37%
-0.46%
-0.57%
-0.63%
-0.8%
-1.0%
Source: CUNA & NCUA.
Figure 5
Credit union auto lending was strong despite U.S. vehicle sales slowing to a 16.2 million unit seasonally-adjusted
annualized basis in February, down from 16.7 million units in January. The severe winter weather was to blame for most
of the slowdown. The economic factors that are currently supporting vehicle sales are an improving job market, greater
access to credit, low interest rates, improving household balance sheets, and rising incomes. Expect car sales to increase
4% in 2015 to reach 17 million units sold as more pent up car demand is satisfied.
2 ● Credit Union Trends Report
st
Real Estate-Secured Lending – 1 Mortgages and Other Real Estate
Credit union first mortgage loan balances fell 0.4% in February, lower than the 0.5% gain reported in February 2014.
Nevertheless, mortgage balances are up 7.8% over the last year. During the last 12 months, fixed-rate mortgages
balances rose 6.0%, less than half the 12.1% pace of adjustable-rate mortgage balances, see Figure 6. Credit unions are
placing more adjustable-rate mortgages on their books in preparation of the Federal Reserve raising short-term interest
rates in the third quarter of this year.
Home equity loan balances rose 0.44% in February, faster than the 0.35% reported in January 2014. Home equity loan
balances are up 8.5% during the past 12 months due to rising home prices, the improving job market, rising consumer
confidence, consumers releasing pent up demand for durable goods, and lower interest rates
Home prices rose 1.1% in February, according to the Core Logic Home Price Index, and increased 5.6% during the last
12 months. Even though the index has now increased for three straight years, home prices are still 12.2% below their
April 2006 peak.
The housing market tightened in February as the inventory of existing homes for sale fell and the inventory-to-sales ratio
declined to 4.6 months. A housing market rule of thumb is that when the ratio approaches 4 months, expect a surge in
residential construction activity. This will create a virtuous cycle where increase demand for homes leads to faster job and
income growth in home building and other housing related industries. This will then create additional demand for homes
and so a self-reinforcing spiral is set in motion.
Credit union purchase mortgage originations should increase 15% in 2015 as housing demand recovers and refi activity
increases slightly. A stronger labor market and rising wages will give more potential homebuyers the wherewithal to
purchase a home. Moreover, fading memories of the housing bust will give homebuyers the confidence and willingness to
purchase a home.
Credit Union Flow of Funds
Growth CU Real Estate Loans
Percent
$80
$71.0
$70
15
12.1
$60
8.5
10
6.8
6.0
5
0
-5
-4.1
Billions of Dollars
20
2015 = February
$50
$30
$0
-$10
Fixed Rate
1st Mortgages
Adjustable Rate
1st Mortgages
Home Equity
Loans
Second
Mortgages
$13.8
$9.1
$10
-15
All Real Estate
Loans
$20.1 $18.8
$20
-10
12 13 14 15 12 13 14 15 12 13 14 15 12 13 14 15 12 13 14 15
$37.8
$40
$3.3
$1.7
$0.1
-$9.4
-$20
From 1 month ago
Loans
Investments
From 1 year ago
Savings
borrowings
Capital
Source data: CUNA Economics & Statistics and CUNA Mutual Group - Economics
Figure 6
Figure 7
Surplus Funds (Cash + Investments)
Credit union surplus funds rose 5.3% ($20.1 billion, see Figure 7) in February, due to a strong seasonal surge in deposits
of 1.9 percentage points. Deposits rose $18.8 billion in February, slightly less than the $20.2 billion reported in February
2014, which was a 2.2% increase. Remarkably, February’s $18.8 billion deposit growth was half of the $37.8 billion total
deposit growth during the last 12 months. Credit unions increased their borrowings by 7.5% ($3.3 billion) in February, a
significant jump when compared to last February when borrowings fell -0.85. Credit unions are turning more and more to
wholesale funds to help fund some of the recent surge in loan demand.
Surplus funds were 34% of assets in February, down from 36.7% in February 2014, or a decline of $9.4 billion during the
past year, see Figure 7. Credit unions drained their liquidity during the last 12 months to fund a record $71 billion jump in
loan balances. The rest of funding for the loan increase came from a $37.8 billion increase in deposits, a $13.8 billion
increase in borrowings and a $9.1 billion jump in capital. With loan balances expected to grow another 10.5% this year
($76.4 billion), expect surplus funds as a percent of assets to fall below 30% by year end, the lowest level of liquidity since
February 2009. Currently 48.6% of surplus funds have a maturity less than 1 year, up from 46.4% during February 2014.
3 ● Credit Union Trends Report
Savings and Assets
Credit union saving balances grew a strong 1.9% in February, historically the fastest savings-growth month of the year
due to bonuses and tax refunds being deposited into members accounts. These seasonal factors typically add 1.3
percentage points to the underlying savings trend growth rate. So we can calculate the underlying trend savings growth
rate to be around 0.5% per month (1.9% - 1.3%) or a 5.8% annual rate. This robust underlying trend growth is being
fueled by low gas prices, rising household income, strong job growth, and fast membership growth. Almost all of this
growth is taking place in liquid deposits like share drafts, regular shares, and MMAs, see Figure 9, as members anticipate
the Federal Reserve will raise interest rates soon, and therefore do not want to lock up their funds in term deposits. Liquid
deposits currently make up 73% of all savings deposits, the highest since 1994, the year the Federal Reserve moved
short-term interest rates from a low of 3% in February 1994 to 6% one year later. Members will begin shifting funds from
regular shares to CDs and money market mutual funds when short-term interest rates rise later this year.
Sources of Savings Growth
Growth In Credit Union Savings & Assets
10
February 2014 – February 2015
Savings = 3.9%
Assets = 5.6%
Percent
Savings
Assets
8
6
4
2
Percent
80
70
60
50
40
30
20
10
0
-10
-20
Annual
61.7
38.3
27.0
0
11
12
12
06
12
12
13
06
13
12
14
06
14
12
15
06
YTD February
64.5
15.1
4.5
-2.2
Share
Drafts
15
12
-2.4
-5.1
-12.9
Regular
Shares
MMAs
CDs
IRAs
Source data: CUNA Economics & Statistics and CUNA Mutual Group - Economics
Source data: CUNA Economics & Statistics and CUNA Mutual Group - Economics
Figure 9
Figure 8
Capital and Other Key Measures
The credit union average capital-to asset ratio fell to 10.6% in February 2015, down from 10.8% in January, but up from
the 10.4% reported one year earlier, see Figure 11. The decline was due to little capital accumulation accompanied by
strong asset growth. Asset growth was fueled not just by deposit growth but by a 7.5% surge in wholesale borrowings.
Loan-to-savings ratios also took a respite from their cyclical climb, falling back to 73.6% in February from the 75.1% set in
December 2014. The disparity between large and small credit unions return-on-equity ratios remained large in 2014, see
Figure 10. Credit unions with assets exceeding $1 billion reported ROE ratios of 9.5%, more than twice that reported by
credit unions with assets less than $100 million. A higher ROE ratio allows for faster asset growth, which then leads to
lower operating expense ratios, higher profit margins, and ultimately greater earnings.
Credit Union Key Ratios
Credit Union Return on Equity
(by Asset size)
12
February 2015
2013
2014
10
Percent
9.5 9.5
Percent
12.0
85
7.9
8
Percent
90
7.2
11.5
Capital-to-Asset
(Right Scale)
80
6.3 6.2
11.0
10.6%
5.6
6
4.4
75
4.8
10.5
73.6%
3.9
4
70
10.0
2.8
2.1
65
2
Figure 7
0.4
60
0
< $20 mil $20-$50 $50-$100
$100$250
$250$500
$500-$1
bil
>$1 bil
9.5
Loan-to-Share
(Left Scale)
0.8
11
12
12
06
12
12
13
06
13
12
9.0
14
06
Source data: CUNA Economics & Statistics and CUNA Mutual Group - Economics
Figure 10
4 ● Credit Union Trends Report
Figure 11
14
12
15
06
15
12
Credit Unions and Members
As of February 2015, CUNA estimates 6,437 credit unions were in operation, 37 fewer than January. During the last 12
months the number of credit unions fell by 309, above the 301 annual decline set one year ago, as shown by the rightmost bars in Figure 12. The pace of consolidation in the credit union system is accelerating due to the following factors:
retiring baby-boomer CEOs, rising regulatory/compliance burden, record low net interest margins, rising concerns over
scale and operating efficiency, rising competitive pressures and members’ demand for ever more products, services and
access channels.
Year-end 2014 NCUA call report data shows 4,878 credit unions with less than $100 million in assets, or 76% or all credit
unions. These credit unions are typically not growing their deposits and assets fast enough to keep pace with the growth
in the overall economy, and so are losing market share, and are unable to afford the upgrades necessary to enhance their
mobile and online banking platforms.
Comparison of Declines in # of CUs
February 2015 Actual = 6,437
Number of CUs
Annual Declines
February to February
400
300
272
261
12
13
301
309
14
15
219
200
100
76
43
18
49
23
0
11
12
13
14
15
11
YTD February Declines
Annual Declines
Source data: CUNA Economics & Statistics and CUNA Mutual Group - Economics
Figure 12
Credit union membership growth was on a tear during the first two months of 2015, adding 800,000 new memberships
versus the 500,000 reported in the first two months of 2014; see left-most bars in Figure 13. The membership gain was
driven by the 465,000 new jobs created during January and February, according to the Bureau of Labor Statistics, and by
the tremendous growth in credit union auto lending. In percentage terms, credit union memberships rose 0.43% in
February, 0.80% year-to-date, and 3.5% during the last 12 months. Credit unions should expect membership growth to
exceed 3% in 2015. This will push the total number of credit union memberships to 104.5 million by year end, which is
equal to 33% of the total U.S. population.
Comparison of Membership Increases
February 2015 Actual = 102.3 Million
Annual Increase
February to February
Members in Millions
4.0
3.4
3.5
3.0
2.5
2.5
2.1
2.0
1.7
1.5
0.8
1.0
0.5
0.3
0.4
0.5
12
13
14
0.5
0.0
0.0
11
15
11
YTD February Increase
Source data: CUNA Economics & Statistics and CUNA Mutual Group - Economics
Figure 13
5 ● Credit Union Trends Report
12
13
14
Annual Increase
15
National Monthly Credit Union Aggregates
YR/MO
13 02
13 03
13 04
13 05
13 06
13 07
13 08
13 09
13 10
13 11
13 12
14 01
14 02
14 03
14 04
14 05
14 06
14 07
14 08
14 09
14 10
14 11
14 12
15 01
15 02
|------------------ ($ Billions) ---------------------|
LOANS
ASSETS
SAVINGS
CAPITAL
614.8
1,060.8
913.7
109.8
616.5
1,077.3
929.3
110.5
620.6
1,072.5
924.4
111.3
624.5
1,080.9
932.4
111.0
630.2
1,077.8
928.7
110.1
636.3
1,073.7
824.0
110.2
642.7
1,083.1
931.3
109.8
647.1
1,078.2
924.9
111.3
651.8
1,082.3
926.0
112.3
654.9
1,088.9
932.1
112.7
660.1
1,083.7
929.2
113.3
662.4
1,095.8
939.4
114.8
663.1
1,117.1
959.6
115.8
667.4
1,120.2
962.7
116.3
673.7
1,117.8
957.3
117.3
681.0
1,130.5
965.9
118.9
689.5
1,125.5
959.8
119.6
698.6
1,129.1
958.7
120.0
706.3
1,138.8
965.8
121.3
711.6
1,130.0
958.5
121.5
718.5
1,146.3
971.1
122.8
723.4
1,147.5
969.5
123.7
728.9
1,144.7
970.4
123.5
732.4
1,157.8
978.6
124.8
734.1
1,179.7
997.4
124.9
(Millions)
MEMBERS
96.4
96.7
96.8
97.2
97.3
97.7
97.9
98.1
98.1
98.1
98.4
98.5
98.9
99.2
99.6
99.8
100.1
100.3
100.6
100.9
101.0
101.1
101.5
101.8
102.3
CREDIT
UNIONS
7,047
7,008
6,999
6,987
6,930
6,902
6,880
6,864
6,834
6,828
6,795
6,759
6,746
6,735
6,699
6,677
6,671
6,658
6,655
6,592
6,580
6,531
6,513
6,474
6,437
LOAN /
SAVINGS
67.3
66.3
67.1
67.0
67.9
68.9
69.0
70.0
70.4
70.3
71.0
70.5
69.1
69.3
70.4
70.5
71.8
72.9
73.1
74.2
74.0
74.6
75.1
74.8
73.6
CAPITAL/
ASSET
RATIO
10.4
10.3
10.4
10.3
10.2
10.3
10.1
10.3
10.4
10.4
10.5
10.5
10.4
10.4
10.5
10.5
10.6
10.6
10.7
10.8
10.7
10.8
10.8
10.8
10.6
# OF CUs
DECLINE
(260)
(270)
(261)
(252)
(289)
(289)
(282)
(280)
(281)
(288)
(275)
(298)
(301)
(273)
(300)
(310)
(259)
(244)
(226)
(272)
(254)
(297)
(282)
(285)
(309)
Delinquency
Ratio*
1.081%
1.013%
1.001%
1.002%
1.033%
1.020%
1.018%
1.013%
1.009%
1.028%
1.005%
0.958%
0.886%
0.809%
0.836%
0.849%
0.852%
0.825%
0.841%
0.852%
0.832%
0.856%
0.848%
0.859%
0.780%
Credit Union Growth Rates
Percent Change Previous Year
YR/MO
13 02
13 03
13 04
13 05
13 06
13 07
13 08
13 09
13 10
13 11
13 12
14 01
14 02
14 03
14 04
14 05
14 06
14 07
14 08
14 09
14 10
14 11
14 12
15 01
15 02
LOANS
4.9
5.0
5.1
5.1
5.4
5.9
6.2
6.5
6.7
7.0
7.3
7.6
7.9
8.3
8.6
9.0
9.4
9.8
9.9
10.0
10.2
10.5
10.4
10.6
10.7
ASSETS
6.2
5.3
5.4
5.9
4.8
4.9
4.5
4.3
5.0
4.4
3.9
5.0
5.3
4.0
4.2
4.6
4.4
5.2
5.1
4.8
5.9
5.4
5.6
5.7
5.6
SAVINGS
6.1
5.0
5.2
5.9
4.7
4.9
4.4
4.1
4.4
3.9
3.6
4.8
5.0
3.6
3.6
3.6
3.4
3.7
3.7
3.6
4.9
4.0
4.4
4.2
3.9
CAPITAL
8.4
8.3
8.0
6.8
5.4
4.4
3.3
4.0
4.3
4.1
4.2
5.1
5.4
5.2
5.4
7.1
8.6
8.9
10.5
9.1
9.4
9.7
9.0
8.7
7.9
MEMBERS
2.2
2.1
2.1
2.2
2.1
2.4
2.2
2.2
2.4
2.4
2.5
2.6
2.6
2.7
2.8
2.8
2.9
2.6
2.8
2.9
2.9
3.0
3.1
3.3
3.5
* Loans two or more months delinquent as a percent of total loans.
6 ● Credit Union Trends Report
# OF CUs
(3.6)
(3.7)
(3.6)
(3.5)
(4.0)
(4.0)
(3.9)
(3.9)
(4.0)
(4.0)
(3.9)
(4.2)
(4.3)
(3.9)
(4.3)
(4.4)
(3.7)
(3.5)
(3.3)
(4.0)
(3.7)
(4.3)
(4.2)
(4.2)
(4.6)
Distribution of Credit Union Loans
Estimated $ (Billions) Outstanding
ST
YR/MO
13 02
13 03
13 04
13 05
13 06
13 07
13 08
13 09
13 10
13 11
13 12
14 01
14 02
14 03
14 04
14 05
14 06
14 07
14 08
14 09
14 10
14 11
14 12
15 01
15 02
TOTAL
NEW USED TOTAL
LOANS | VEHICLE LOANS |
614.8
65.2 117.9
183.1
616.5
65.7 119.0
184.6
620.6
66.2 120.4
186.6
624.5
66.5 121.4
187.9
630.2
67.5 123.4
190.9
636.3
68.6 124.9
193.5
642.7
69.5 126.1
195.6
647.1
70.1 127.2
197.3
651.8
71.3 128.9
200.2
654.9
72.0 129.5
201.5
660.1
72.5 129.6
202.1
662.4
73.5 130.4
203.9
663.1
73.7 131.0
204.7
667.4
74.7 132.4
207.1
673.7
75.6 134.0
209.5
681.0
76.9 135.5
212.4
689.5
78.9 137.6
216.5
698.6
80.4 139.5
219.9
706.3
82.2 141.1
223.3
711.6
83.7 142.7
226.4
718.5
85.7 144.6
230.3
723.4
86.8 145.6
232.4
728.9
87.7 146.2
233.9
732.4
89.4 147.6
237.0
734.1
90.5 148.6
239.1
UNSEC CREDIT
Ex. CC’S CARDS
27.0
39.3
26.7
39.3
27.2
39.5
27.4
39.9
27.6
40.3
28.2
40.8
28.6
41.3
28.7
41.5
29.0
41.6
29.3
42.0
29.8
43.4
29.8
42.8
29.5
42.2
29.2
42.3
29.8
42.6
30.1
43.1
30.4
43.7
31.2
44.2
31.4
44.7
31.6
44.9
31.9
45.0
32.2
45.6
32.6
46.8
33.0
46.2
32.5
45.3
CUCIC
248.2
245.5
248.2
248.9
253.8
255.9
259.2
261.9
263.2
263.8
265.6
267.9
267.9
269.9
274.2
279.3
284.3
288.5
293.0
293.1
298.3
301.0
302.8
304.5
307.8
1
MORT
TOTAL
251.6
254.2
254.7
257.5
259.7
263.4
266.5
268.3
270.8
271.6
273.9
274.5
275.9
278.8
280.2
282.0
285.5
286.6
288.2
292.8
293.8
295.2
298.7
298.7
297.4
TOT. OTHR TOTAL
MORT
REAL
ND
2 +HE ESTATE
74.3
326.0
73.6
327.8
73.4
328.2
72.9
330.4
72.6
332.3
72.2
335.6
72.2
338.7
72.3
340.6
72.0
342.8
71.7
343.3
72.5
346.3
72.1
346.6
71.7
347.7
71.3
350.0
71.4
351.6
71.7
353.7
72.0
357.5
72.5
359.1
72.8
361.0
72.9
365.8
73.8
367.6
74.0
369.2
73.4
372.1
74.4
373.1
73.9
371.4
MBLs*
40.7
43.2
44.2
45.2
44.8
44.8
44.8
44.7
45.8
47.7
48.2
47.9
47.6
47.5
47.8
48.0
47.8
51.0
52.2
52.8
52.6
53.2
53.9
54.8
54.9
TOT. OTHR TOTAL
MORT
REAL
ND
2 +HE ESTATE
(7.4)
1.8
(7.5)
2.0
(7.2)
2.2
(7.2)
2.5
(7.1)
2.5
(7.0)
3.9
(6.8)
4.6
(6.1)
4.4
(6.1)
4.8
(6.5)
5.4
(4.1)
5.7
(3.6)
6.1
(3.5)
6.7
(3.1)
6.8
(2.7)
7.2
(1.7)
7.0
(0.8)
7.6
0.3
7.0
1.0
6.6
0.9
7.4
2.5
7.2
3.1
7.5
1.3
7.4
3.1
7.7
3.1
6.8
MBLs*
(3.4)
1.3
6.2
6.2
5.5
3.6
1.6
(0.8)
1.9
9.8
10.8
12.3
17.1
10.0
8.2
6.1
6.7
13.9
16.7
18.1
14.8
11.4
12.0
14.3
15.3
* Member Business Loans
Distribution of Credit Union Loans
Percent Change From Prior Year
ST
YR/MO
13 02
13 03
13 04
13 05
13 06
13 07
13 08
13 09
13 10
13 11
13 12
14 01
14 02
14 03
14 04
14 05
14 06
14 07
14 08
14 09
14 10
14 11
14 12
15 01
15 02
TOTAL
NEW USED TOTAL
LOANS | VEHICLE LOANS |
4.9
10.5
8.1
8.9
5.0
10.6
8.2
9.0
5.1
10.7
8.6
9.4
5.1
10.2
8.4
9.0
5.4
10.7
9.2
9.7
5.9
11.4
9.6
10.2
6.2
11.6
9.6
10.3
6.5
11.3
9.6
10.2
6.7
12.1
10.2
10.9
7.0
12.5
10.9
11.4
7.3
12.6
10.4
11.2
7.6
13.6
10.8
11.8
7.9
13.0
11.2
11.8
8.3
13.8
11.2
12.1
8.6
14.1
11.2
12.3
9.0
15.7
11.6
13.0
9.4
16.9
11.5
13.4
9.8
17.3
11.7
13.7
9.9
18.3
11.8
14.1
10.0
19.3
12.2
14.7
10.2
20.2
12.2
15.0
10.5
20.7
12.4
15.4
10.4
20.9
12.8
15.7
10.6
21.6
13.2
16.2
10.7
22.8
13.4
16.8
7 ● Credit Union Trends Report
UNSEC CREDIT
Ex. CC’S CARDS
6.0
6.3
6.3
6.8
7.3
6.6
8.1
6.8
7.2
7.2
7.9
7.3
5.6
7.5
8.0
7.6
8.2
7.4
7.2
7.2
9.0
7.7
8.8
7.6
9.4
7.3
9.2
7.5
9.6
7.8
9.9
8.1
10.1
8.4
10.7
8.3
9.7
8.3
10.1
8.2
9.7
8.1
10.1
8.6
10.0
7.9
10.7
8.0
10.2
7.5
CUCIC
10.9
10.1
9.0
8.5
9.5
9.0
9.3
10.7
10.2
8.7
8.8
8.7
7.9
9.9
10.5
12.2
12.3
12.8
13.0
11.9
13.3
14.1
14.0
13.7
14.9
1
MORT
TOTAL
4.9
5.1
5.3
5.6
5.6
7.4
8.2
7.7
8.1
9.1
8.7
9.0
9.6
9.6
10.0
9.5
9.9
8.8
8.1
9.2
8.5
8.7
9.1
8.8
7.8
Annual Growth Rates
Total Loans & Installment Credit
Total Loans
Percent
15
CU Loan Portfolio
$ in Billions
$728.9 $734.1
700
CUCIC
$660.1
600
$511.1
500
$544.1
$580.5 $587.4 $580.3 $587.0
$474.2
$428.6
400
10
54.1%
300
$615.1
59.6%
56.7% 59.3%
61.0%
61.5% 60.3%
59.8%
58.5% 58.1%
49.8% 51.8%
200
5
100
0
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
Feb
0
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
2013
2014
2015
CIC
CIC Share of Total Loans
at Credit Unions
45
40
Consumer Installment Credit
at Credit Unions
Percent
40
40
320
41
41 40 40
40 40 40
40 40 40 40
40 40 40
42 42 42
41 42 41 42
41 41
Other
$ Billions
298
293293
289
284
300
42
305
301303
308
279
274
280
259
256
253
260
262263
268268270
264266
249
246 248246 248
35
240
220
30
1
2 3
4
5
6
7 8
2013
9 10 11 12 1
2
3
4 5
6
7
8 9 10 11 12 1 2
2014
3
4
5 6
7
8
9 10 11 12
200
1 2
3 4 5
2015
6 7
8 9 10 11 12 1 2
3 4 5
2013
6 7
2014
8 9 10 11 12 1 2
3 4 5
6 7
8 9 10 11 12
2015
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, 2015 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