Unsecured Personal Loans Lead 0.2% Increase in UA Loans in March | 2021-05-10
Credit union loans outstanding rose 0.2% in March, compared with a 0.2% drop in February 2021 and a 0.3% increase in March 2020, according to the latest Monthly estimates from credit unions.
Unsecured personal loans led loan growth in the month, up 2.6%, followed by used auto loans (0.7%) and fixed rate mortgages (0.6%) . Adjustable rate mortgages (-1.3%), home equity loans (-1.7%), other mortgages (-2.0%), credit card loans (-2.5 %) and new car loans (- 3.2%).
Credit union savings balances increased 4.4% in March, compared to 1.8% in February 2021 and 0.9% in March 2020. Stock drafts led to the growth in savings in over the month, up 7.1%, followed by the regular share (6.9%), money market accounts (2.8%) and individual retirement accounts (1.0%).
Down over the month, one-year certificates (-0.2%).
The 60-day-plus default rate for credit unions remained at 0.5% in March.
The loan-to-savings ratio fell from 72.1% in February to 69.2% in March. The liquidity ratio (the ratio of funds in excess of less than one year to borrowings and other liabilities) fell from 21.5% in February to 22.7% in March.
Total credit union memberships rose 0.3% in March to 127.7 million.
The movement’s overall active capital fell to 9.8% in March, from 10.1% in February. Total dollar capital increased 0.2% to $ 195.3 billion