GRAPH OF THE WEEK: CUSO Investments Keep Climbing
Credit unions have seen an almost 8% rise in loans and investments to credit union service organizations since the start of the pandemic.
Credit unions have seen an almost 8% rise in loans and investments to credit union service organizations since the start of the pandemic.
Institutions designated to serve low-income memberships – shops that may be more reliant on fee revenue than others – are seeing those funds fall at a faster rate than non-LICUs.
Income from mortgage originations and servicing were down from one year ago following slowdowns in sales and refinancing.
After a decline in consumer spending during the pandemic, the end of government relief programs has contributed to an increase in credit card usage – and a rise in delinquencies.
Consumers are taking to fintech at a rapid pace, according to a recent study, with those age 56 and older representing the fastest-growing user demographic.
After two years of swings, first-quarter return on assets at credit unions was back in line with where things stood before COVID-19 upended the economic environment.
First mortgage originations at credit unions have risen substantially in the last decade, a period in which median home values have nearly doubled.
Strong loan growth combined with increased investment and fee income helped propel credit union net income during the first quarter.
Despite all the challenges associated with buying a car right now, more consumers than ever are turning to credit unions for auto loans.
The industry closed out the first quarter with a higher percentage of the total mortgage market, although originations dropped amid decreasing inventories and a broader slowdown in home loan activity.
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