CUNA Mutual Releases October 2011 Credit Union Trends Report, Available on League Sitee

Thursday, October 13, 2011 11:13:00 AM

Each month, CUNA Mutual Group publishes a Credit Union Trends Report, a general overview of the health of credit unions in the U.S. The New Jersey Credit Union League posts these monthly reports on its site for member credit unions.

CUNA Mutual Group recently released its October 2011 Credit Union Trends Report, offering August 2011 data. The report, written by Dave Colby, CUNA Mutual Group's chief economist, is a general overview of U.S. credit unions in the month of August as well as recent economic trends in the industry and the nation as a whole.

According to the report, annual growth for savings and assets was 4.0% in August. Deposit yields continue to decline and members are moving away from low rate CDs.

While up over the last five months, loans outstanding at CUs continue to decline on a year-over-year basis, according to the report. Loans are down 0.3% since August 2010 and prospects for renewed growth are not favorable. New strategies are needed to grow loans. The Bank of America $5 debit card fee may provide an opportunity to change trends in consumer lending at CUs.

The report, complete with graphs and figures, also includes information on credit union consumer installment credit, vehicle loans, real-estate secured lending, surplus funds, savings and assets, and much more.

The full report is available to member credit unions on the League Web site at: http://www.njcul.org/trends.aspx.

This aspect of the site is limited to members only and requires a password. To receive a login, click "Register" in the upper right-hand corner of the NJCUL site to request credentials.

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