CREDIT UNION LENDING DYNAMICS
FOR U.S. CREDIT UNIONS | DATA AS OF 12.31.22
© Callahan & Associates | CreditUnions.com
- Credit unions generated a record number of loans — predominantly mortgages — during the peak of the pandemic; however, growth in total loan balances slowed. Now, early fourth quarter data shows a reversal.
- Total loan balances were up 20.0% year-over-year — besting the previous record of 19.1% — even though loan originations declined 3.5% between 2021 and 2022.
- Members used Fed relief to pay down loans in 2021; in 2022, inflation and a higher cost of living forced members to pay down loans at a slower rate. At the same time, higher interest rates enticed credit unions to hold onto loans rather than sell them to the secondary market. Both factors contributed to the growth in loan balances held by credit unions.
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