Loan Growth Ramping Up at US Credit Unions
U.S. credit unions booked their highest quarterly loan growth in more than a decade in the first quarter.
Total loans and leases for the industry reached $1.313 trillion at March 31, up $45.50 billion from the end of 2021. The 3.6% quarter-over-quarter growth rate represented a 15-year high and was the fourth consecutive quarterly increase, according to data from S&P Global Market Intelligence.
While several categories contributed to the loan growth, first-lien one- to four-family loans and lines of credit led the way, with an increase of $20.75 billion to $500.18 billion. Additionally, used vehicle loans were up $9.83 billion and new vehicle loans increased $3.03 billion.
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