As reported on
Consumer loans as a whole accounted for
Auto loans in particular experienced notable growth due to an influx of both new and used consumer car purchases, making 1Q14 the first time since the recession that auto loans have attained double-digit growth. New auto loans grew at a 14.7 percent rate while used autos loans grew at a 12.1 percent rate. The three states with the highest auto loan balances over this time-frame were
In another positive industry development, the increase in consumer loans brought on a 3 basis point increase in net interest margin. This marked the first time since the recession that net interest margin increased year-over-year.
Meanwhile, credit unions' credit card balances rose at the fastest annual rate in six years to go along with the increase in total credit card accounts, which now number 15.8 million. Overall credit card balances topped
All in all, the loan growth rate for credit unions is outpacing the share growth rate by more than 5 percentage points – 8.9 to 3.8 percent – and is a sign of members' increasing confidence in the nation's economy.
"The growth in consumer lending at credit unions over the past year has been nothing short of impressive. This is a sure sign that members are feeling better about the economy and as that confidence translates into big dollar purchases, they are turning to their credit union to meet their lending needs," said
To watch the full-length Trendwatch webinar on demand or to view the presentation slides, please visit CreditUnions.com.
Read the full story at http://www.prweb.com/releases/2014/06/prweb11905220.htm
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