CUNA’s Finance Council Shares Monthly Economic Update

December 20, 2018 |

Each month, CUNA’s Finance Council provides members a brief overview of the current economic conditions and its impact on credit unions. December’s presentation, led by CUNA Chief Economist Mike Schneck, focused on NCUA’s third quarter call report data and its solid overall results. Overall, consumers remain upbeat and engaged with increases in retail sales and housing purchases.

Presentation highlights demonstrate:

  • Credit union growth: Credit unions reported a 1.3% increase in memberships.
    • Credit union memberships now represent 36% of the U.S. population.
    • This growth is part of the fastest 12-month membership gain ever!
  • Loan portfolio growth: Loan portfolios grew 2.6% with new auto loans leading the way.
    • Credit union loan to savings ratios increased and now sits at its highest reading since 1979.
    • Asset quality remains strong in Q3 and net worth ratios increased to 11.2% at the end of the quarter.
  • Consolidation continues: Credit union consolidation continued but the pace of consolidation declined in the third quarter.

Schneck’s update is also available to watch in video format.