Deseret First News Today

U.S. banks lost 2.5% of their deposits during the first quarter while credit unions saw a 2.1% quarterly increase, according to an S&P Global Market Intelligence analysis. Aggressive marketing — and credit unions' relatively untarnished reputations — helped motivate the shift.

Credit unions' provision for loan and lease losses rose by 337% in 2022. Industry observers cite forecasted economic weakness and current expected credit loss implementation as the primary reasons.

Overdue loans for U.S. credit unions hit 0.42% in June — the lowest level in the industry's history. But some warn of deteriorating credit quality as the economy sours.

The CUNA HR & Organizational Development Council recently announced changes to their 2022-23 executive committee through their regular elections and

Some U.S. credit unions are hopeful that rising employment and auto lending activity will bring consumers back, countering the effects of inflation and rate hikes that have weighed on growth.

The coronavirus and economic impediments have made it hard for credit unions to add members in recent years. Yet efforts to adapt to less face-time with customers, rev up auto lending and refine other aspects of their businesses are starting to pay off.

After a slowdown in 2020, inventory shortages and other factors could make the months ahead a grind for many lenders.