September 2023 Credit Union Trends Report Now Available

The September 2023 Credit Union Trends Report is now available. The report is published and distributed by Steven Rick, TruStage™ Director and Chief Economist. It provides a monthly “pulse check” on the state of the credit union marketplace, analyzing data from July 2023.

Key highlights from the September report include:

  • For the first time since 1948, the U.S. money supply is declining. In fact, it is down more than $1 trillion since its high-water mark of $21.906 trillion set back in April 2022.
  • Credit union loan balances grew at a 7.4% seasonally adjusted, annualized growth rate in July, significantly below the 19% pace set in July 2022 when credit unions picked up market share in the auto loan space.
  • The stage is set for a weak second half of 2023 due to the recent rise in mortgage interest rates above 7% and low supply of homes for sale.
  • During the first seven months of 2023, savings balances rose only 0.2%, the slowest in modern credit union history and below the 3.9% reported in the first seven months of 2022. TruStage expects credit union savings balances to report no growth in 2023 and then accelerate to only 3% in 2024.