Credit Union and Economic Reports

Credit Union Trends Report

The Credit Union Trends Report is a monthly "pulse check" on the state of the credit union marketplace, often placed in a historical context. The report includes data from two months prior and is published and distributed by Steven Rick from TruStage™.

April 2024

• Credit union loan balances fell 0.1% in February, below the 0.4% gain reported in February 2023.
• Many home buyers have switched to adjustable-rate mortgages which rose 26% over the last year.
• We are forecasting credit union savings balances to grow 3% in 2024, below the 7% long-run 30-year average.
• The credit union industry’s average loan net charge-off rate rose to 0.77% in the fourth quarter, from 0.43% one year earlier.

Past reports

March 2024

Home prices rose more than 6% over the last year, above the 4.1% long run average.

February 2024

The personal savings rates averaged only 4.5% in 2023, below the 6% long run average, creating a headwind for credit union deposit growth.

Economic report

April 2024

• Inflation reaccelerated to a 3.5% year-over-year pace in March.
• Credit Union loan delinquency rates rose to 0.83% in February, above the long run average of 0.75%.
• The economy is expected to grow 1.9% in 2024, slightly below the natural long run average of 2%.
• The U.S. money supply as measured by the monetary aggregate M2 fell 2% over the last year, creating liquidity problems for credit unions.