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Credit union lending outpaces savings

In what could be a sign that the U.S. economy is recovering, credit unions are seeing lending outpace savings for the first time since 2007.  The Credit Union National Association reported Wednesday that credit unions saw loan balances rise 6.8 percent last year, up from 4.8 percent in 2012.  Pent-up demand for autos helped contribute to the uptick in loans, according to Steve Rick, a senior economist with CUNA.

He notes that credit union membership is expected to cross the 100 million threshold sometime midyear. More people have been turning to credit unions in recent years, attracted by often lower fees than banks.

Read more: http://www.bankrate.com/financing/banking/credit-union-lending-outpaces-savings/#ixzz2sdzgIXRb


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