Credit union savings outpace lending
Membership at federally insured credit unions across the country grew 1 percent to 88 million members, with savings outpacing lending in the first six months of 2008, according to the National Credit Union Administration.
During that time, savings grew 7 percent. Lending grew 3.7 percent, and assets increased 6.5 percent between January and June.
First mortgage real estate loans grew by 10.1 percent from January through June 2008, according to Michael E. Fryzel, chairman of the administration.
Credit unions reported a loan-to-share ratio of 81 percent. All major loan categories grew from January to June, with the exception of declines in new automobile and other unsecured loans and lines of credit.
The first six months of first mortgage real estate loans represent $198.1 billion cashadvance.com. The administration reported other types of real estate loans grew 1.7 percent to $92.8 billion.
According to the report:
- Used automobile loans increased 3.3 percent to $92 billion
- Unsecured credit card loans grew 1.5 percent to $30.6 billion
- All other loans and lines of credit grew to $25.6 billion.