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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.