{"id":5447,"date":"2024-11-15T14:53:41","date_gmt":"2024-11-15T19:53:41","guid":{"rendered":"https:\/\/www.ncultheaffiliate.com\/?p=5447"},"modified":"2024-11-15T14:53:42","modified_gmt":"2024-11-15T19:53:42","slug":"credit-union-trends-report","status":"publish","type":"post","link":"https:\/\/www.ncultheaffiliate.com\/?p=5447","title":{"rendered":"Credit Union Trends Report"},"content":{"rendered":"<p>[et_pb_section fb_built=&#8221;1&#8243; _builder_version=&#8221;4.9.4&#8243; _module_preset=&#8221;default&#8221; custom_padding=&#8221;0px|||||&#8221;][et_pb_row _builder_version=&#8221;4.9.4&#8243; _module_preset=&#8221;default&#8221; custom_padding=&#8221;4px|||||&#8221;][et_pb_column type=&#8221;4_4&#8243; _builder_version=&#8221;4.9.4&#8243; _module_preset=&#8221;default&#8221;][et_pb_text _builder_version=&#8221;4.9.4&#8243; _module_preset=&#8221;default&#8221;]<\/p>\n<p><strong>Executive Summary October 2024<\/strong><\/p>\n<p>TruStage\u2019s Chief Economist, Steven Rick, shares trends of lending volume and credit quality. Additional highlights this month include:<\/p>\n<p><strong>\u00a0<\/strong>Economy<\/p>\n<ul>\n<li>Credit union liquidity has risen over the last year but remains close to the lowest ratio in credit union<\/li>\n<li>The average credit union member increased their total credit union deposits by $504 over the last year, from $13,420 in August 2023 to $13,942 in August 2024.<\/li>\n<li>Year-to-date savings balances grew 9% in 2024, significantly below the past 23-year average of 5.7%, but above the 0.7% reported in 2023.<\/li>\n<li>But with the Federal Reserve expected to lower short-term interest rates by another 25 basis points later this year, credit union net interest margins could widen as funding costs fall faster than asset<\/li>\n<\/ul>\n<p>Lending<\/p>\n<ul>\n<li>During the last 12 months, credit union loan balances increased a relatively weak 5%, which is half the 7% long-run annual loan growth rate.<\/li>\n<li>Consumer credit outstanding is rising only 3% year-over-year, below the 5% long run average.<\/li>\n<li>High auto loan rates will ensure that new-vehicle sales remain below the 5 million pace through 2025.<\/li>\n<li>Following years of higher-than-average home price growth, the housing market appears overvalued. So, expect home price appreciation to slow below the 4% long run average in<\/li>\n<li>We are forecasting 6% credit union loan growth for 2025 due to faster deposit growth next year, lower loan interest rates on new loans, a shift in consumer spending from services back to goods and rising consumer confidence.<\/li>\n<\/ul>\n<p>Members\/Assets<\/p>\n<ul>\n<li>The personal savings rate (personal savings as a percentage of disposable personal income) has increased to 5% in August, up from 1% in August of 2022. We expect savings balances to grow 5% in 2024 and 7% in 2025.<\/li>\n<li>Year-to-date credit union memberships rose 6%, below the 2.4% pace in the similar time in 2023.<\/li>\n<li>The recent pace of 6% is still faster than the overall U.S. population growth rate of 0.4%. Therefore, credit unions are still picking up market share from banks and other depository institutions.<\/li>\n<\/ul>\n<p><strong><br \/>View full CU Trends Report for <\/strong><a href=\"https:\/\/www.trustage.com\/business\/insights\/financial-trends\/credit-union-trends-report\"><strong>October<\/strong><\/a><\/p>\n<p><img loading=\"lazy\" class=\"wp-image-4663 aligncenter \" src=\"http:\/\/www.ncultheaffiliate.com\/wp-content\/uploads\/2023\/06\/trustage.png\" alt=\"\" width=\"263\" height=\"55\" srcset=\"https:\/\/www.ncultheaffiliate.com\/wp-content\/uploads\/2023\/06\/trustage.png 449w, https:\/\/www.ncultheaffiliate.com\/wp-content\/uploads\/2023\/06\/trustage-300x63.png 300w\" sizes=\"(max-width: 263px) 100vw, 263px\" \/><\/p>\n<p>[\/et_pb_text][\/et_pb_column][\/et_pb_row][\/et_pb_section]<\/p>\n  ","protected":false},"excerpt":{"rendered":"<p>[et_pb_section fb_built=&#8221;1&#8243; _builder_version=&#8221;4.9.4&#8243; _module_preset=&#8221;default&#8221; custom_padding=&#8221;0px|||||&#8221;][et_pb_row _builder_version=&#8221;4.9.4&#8243; _module_preset=&#8221;default&#8221; custom_padding=&#8221;4px|||||&#8221;][et_pb_column type=&#8221;4_4&#8243; _builder_version=&#8221;4.9.4&#8243; _module_preset=&#8221;default&#8221;][et_pb_text _builder_version=&#8221;4.9.4&#8243; _module_preset=&#8221;default&#8221;] Executive Summary October 2024 TruStage\u2019s Chief Economist, Steven Rick, shares trends of lending volume and credit quality. Additional highlights this month include: \u00a0Economy Credit union liquidity has risen over the last year but remains close to the lowest ratio in credit union [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"on","_et_pb_old_content":"","_et_gb_content_width":""},"categories":[1],"tags":[],"_links":{"self":[{"href":"https:\/\/www.ncultheaffiliate.com\/index.php?rest_route=\/wp\/v2\/posts\/5447"}],"collection":[{"href":"https:\/\/www.ncultheaffiliate.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.ncultheaffiliate.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.ncultheaffiliate.com\/index.php?rest_route=\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.ncultheaffiliate.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=5447"}],"version-history":[{"count":0,"href":"https:\/\/www.ncultheaffiliate.com\/index.php?rest_route=\/wp\/v2\/posts\/5447\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.ncultheaffiliate.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=5447"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.ncultheaffiliate.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=5447"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.ncultheaffiliate.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=5447"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}