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™.

August 2024

• Long term interest rates fell by 83 basis points since April, boosting interest rate sensitive sectors of the economy.
• Credit union loan balances grew at a 3.0% seasonally adjusted, annualized growth rate in June, less than half the 6.6% pace set in June 2023.
• Certificate of deposit balances now make up 28% of all credit union deposits, double the share from 2021and the highest since 2009.
• Credit union memberships should exceed 144 million by the fourth quarter of 2024.

Past reports

July 2024

The Federal Reserve could begin loosening monetary policy as early as September 2024 with a 25-basis point cut in the Federal Funds interest rate.

June 2024

Credit union yield-on-asset ratios reached 4.84% in the first quarter of 2024, the highest since 2009.

May 2024

Credit union loan balances fell 0.02% in March, below the 0.7% rise reported in March 2023, and rose 4.8% during the last 12 months.

Economic report

August 2024

• The unemployment rate rose to 4.3% in July, slightly below the 4.5% considered full employment.
• The core personal consumption expenditure deflator fell to 2.5% on a year over year pace, slightly above the Federal Reserve’s 2% target.
• The U.S. money supply as measured by M2 rose 0.7% in the year ending in May, significantly below the 5.4% long run average.
• Allowance for loan losses as a percent of total loans rose to 1.3% in the first quarter, up from 0.84% in 2019.

Past reports

July 2024

The Federal Reserve could begin loosening monetary policy as early as September 2024 with a 25-basis point cut in the Federal Funds interest rate.