Credit card lending among credit unions reached an all-time high in 2014, now claiming a 5.3% share of the U.S. card market, based on outstandings.
According to Callahan & Associates’ 4Q14 Trendwatch, credit union members are increasingly turning to their credit union for loans, with over 17% holding an auto loan and 16% carrying a credit card from their credit union. This activity helped drive the total loan balances at U.S. credit unions to over $721 billion.
Lending success is evident in the new highs reached in national share of key lending markets, including 8.4% of first mortgage originations, 16.3% of auto loans granted,
Credit unions are also succeeding outside the loan arena, as more consumers are making credit unions their primary financial institution. With membership topping 100 million in 2014, over 54 million checking accounts are now held by credit union members. The shift towards credit unions as primary financial institutions has resulted in a record average credit union member relationship – the combined average loan and savings amount – that now tops $16,300.
More than 4,000 credit unions follow Trendwatch.
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