CREDIT UNION PENETRATION RATES
FOR U.S. CREDIT UNIONS | DATA AS OF 03.31.24
© Callahan & Associates | CreditUnions.com
- Credit unions have gained ground when it comes to share draft and auto loan usage. Since 2014, share draft penetration has increased nearly nine percentage points. Considering share drafts are a proxy for determining a member’s primary financial institution, strong gains here have positive downstream impacts on other products.
- Credit unions have leaned on indirect lending and fintech to expand auto penetration, which increased nearly 10 percentage points during this period. The 10-year cumulative annual growth rate (CAGR) for indirect lending was 13.5% as of the first quarter of 2024; the 10-year CAGR for total auto loans was 9.2%.
- Despite being the largest loan type in credit union portfolios, first mortgages have the lowest penetration of the major product categories. Credit unions have captured only 16.5% of the first mortgage market, with many Americans and credit union members opting for non-depository institutions or banks. NDIs claim 50.5% of the first mortgage market; banks have 32.8%.
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