CUNA Mutual Group Trends Report: CU Auto Loan Balances Expected To Finally Grow
Credit unions will soon see their auto loan portfolios begin to grow again, CUNA Mutual Group’s latest Trends Report indicates.
The new report points out credit union new auto loan balances have been declining since the second half of 2019, but calls for growth in the second quarter of the year.
The February Trends Report also shows credit unions added five million memberships in all of 2021, the fastest growth in credit union history.
Despite the good news, CUs will likely not have an easy year in 2022, as capital growth will be subdued due to return-on-asset ratios falling to 0.7% this year as net interest margins fall to the lowest in history, CUNA Mutual Group said.
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