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April 2024 Credit Union Trends Report from TruStage

Credit union loan balances fell 0.1% in February, below the 0.4% gain reported in February 2023. The Credit Union Trends Report also includes:

  • Many home buyers have switched to adjustable-rate mortgages which rose 26% over the last year.
  • TruStage is 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.

The trends report includes data from the previous two months and is published and distributed by Steven Rick, Chief Economist from TruStage. You can review the April 2024 Credit Union Trends Report in its entirety here.

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