may 2010 cu trends report

Credit Union Trends Report

CUNA Mutual – Economics ● May 2010 (March 2010 data)

Highlights • Consolidation picked up in the

first quarter with a net loss of 76 CUs. At the end of March, CUNA estimates show 7,755 CUs, reflecting a net decline of 274 institutions over the past year. We expect to lose roughly 300 CUs in 2010.

• Savings and asset growth

continue to slow. Savings are up 6.1% over the past year and assets are up 4.3%. YTD deposit inflows are roughly ⅓ results for the same period in 2009. Assets equal $914 billion.

• Broad-based loan portfolio

contraction continues with the total portfolio down 1.5% YTD and 0.4% over the past year. Our outlook for little or no growth in 2010 has not changed from last month.

• Membership is up 387,000 YTD

representing a marked slowdown from historical first quarter gains. At 92.4 million, total membership is up 1.1 million over the past year.

• CUs continue to build capital at

a slow pace; combined with modest asset growth, the capital-to-asset ratio held at 9.8% in March. At 73.6% the loan-to-share ratio is down 477 basis points over the past year and almost 10 percentage points from its pre-recession peak. We are beginning to see some firming in key credit quality measures with the loan delinquency rate dipping slightly to 1.838%.

ENVIRONMENT A year ago, I noted we were approaching a mid-year inflection point or the trough of the recession. While economic indicators over the past few months support a mid-2009 bottoming of economic activity (the end of the recession), the real question is: how long will we remain near the bottom of the trough? Anecdotal surveys I’ve taken with CU leaders across the country indicate members do not perceive a solid recovery is underway, and their actual savings and borrowing patterns confirm this uncertainty. Actions by CU leaders show they agree with member perceptions. A very fragile recovery is likely underway, but downside risks remain. We must all proceed with caution given the unrest in the global capital markets, employment uncertainty, upcoming tax increases, and rising energy costs, just to name a few stumbling blocks. _________________________________________________________________________ Total Lending The growth trajectory for both real estate and vehicle loans (see lines in Figure 1) moved from disappointing to very disturbing. Member demand for short-term credit and real estate loans just isn’t there according to CU leaders across the country. At the same time, CUs are wisely reluctant to hold low yielding fixed-rate mortgages when interest rates are forecast to rise. • Total loans are down 1.5% YTD with portfolio contraction reported in all

major lending sectors except member business loans. At $579 billion, the total loan portfolio is down 0.4% (bars) over the past year, with declines reported in six of the past seven months. The last time CUs experienced loan portfolio contraction at this level was mid-1982.

• A summary of our outlooks for each loan type on the following pages does not bode well for CU loan portfolio growth well into 2011. While the economy will recover, will CUs be in the right places with the right products to help finance the recovery? We continue to believe manufacturer subsidized financing will lead the way. Consumer caution will be rule for at least the next six to nine months with balance reductions more likely than new credit extensions.

Figure 1

L oa n G row th T re n ds

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M arch 2 01 0T ota l Loan sV ehicle LoansR eal E sta te Secu red L oa ns

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S ou rce da ta: C U NA E con om i cs & Stat is t ics an d C U NA M utu al Ec ono m ics

-0.4 %

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2 ● Credit Union Trends Report

Credit Union Consumer Installment Credit Consumers remain cautious and continue to reduce short-term debt. The $2.4 trillion total consumer installment credit (CIC) market is down 6.2% ($160 billion) from its December 2008 peak. Reduced consumer demand for new credit and consumers choosing to payoff higher rate debt versus adding to low-yield savings are the primary factors driving this trend. Higher credit standards and a sharp pullback in solicitations also factor into the decline. • The CIC loan portfolio at CUs is down 3.4% YTD (seasonal payoffs and weak vehicle lending) and 1.8% over

the past year, as shown in Figure 2. While the contraction in CUs’ CIC portfolio is less than the rest of the market, without the strong showing in credit cards (green line in Figure 2), CUs would have posted a 3.1% reduction in CIC outstanding. The CU market share of CIC is 9.42%, up 15 basis points (bp) from March 2009.

• We are forecasting the CIC loan portfolio at CUs to post losses for most of 2010.

Figure 2 Vehicle Loans Recent results and the outlook for vehicle lending continue to deteriorate. Through the first three months of 2010, vehicle loans held by CUs declined by 2.6%. Since the expiration of cash for clunkers, month-only declines have averaged 0.8%. Over the past year, CU vehicle loans have declined 3.7%, as shown Figure 3 - left graphic. With declines in each of the past seven months and annual growth negative since November 2009, this trend will not easily be reversed. Vehicle loans now represent less than 30% of all CU loans, down from almost 38% in 2005. • Some firming in new vehicle sales has not translated into CU loans. The right graphic in Figure 3 shows new

vehicle loans declining at an accelerating pace. The 5.6% YTD drop represents 45% of the total annual loss in vehicle loans. The used vehicle loan portfolio continues to post positive annual growth results, but gains are slowing as this portfolio declined in each of the past five months.

• Weak consumer demand coupled with aggressive subsidized financing by manufacturers implies poor CU vehicle growth performance through at least 2010.

Figure 3

V e h ic le L end in g G row th C o m p arison sC U N e w v s . U s ed V eh ic le

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-3 .7%

M arch 2 010

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Us ed2.9%


G row th in C on s u m e r In s ta llm e nt C red it

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C re d it U n io n s-1 .8 %

T o ta l M a rke t Exc l. C U s -3 .5 %

M arch 2 01 0Pe r ce n t

C U G ro w th G ap = +1 .7 p p


C red it C a rd s at C U s 6.4 %


Real Estate-Secured Lending – 1st Mortgages and Other Real Estate CUs from across the country report member demand for real estate secured (RE) loans has dropped sharply. It’s more than just amortization driving portfolio growth trends as adjustable-rate 1st mortgages are down 1.3% YTD, 2nd mortgages are off 3.5% and home equity loans down 0.5%. Despite a fractional YTD gain in fixed-rate 1st mortgages, total RE loans outstanding are down 0.6% through the first quarter, as shown in Figure 4. • Annual growth of 0.5% for total RE loans disguises the fact that this portfolio segment declined December

through February. The pending expiration (April 30 signed/accepted offer) of generous homebuyer tax incentives likely propped up March results and will positively impact May and June data. This mini 1st mortgage loan surge will be temporary as CUs will not want to hold long-term fixed-rate assets at near record low yields.

• After June, low interest rates and a post-incentive real estate sales slump could trigger outright contraction in the RE loan portfolio.

• Real estate secured loans now represent 54.4% of all loans and 34.5% of total CU assets.

Figure 4

Surplus Funds (Cash + Investments) With total loans down YTD and over the past year and deposit inflows positive over the same periods, surplus funds reached a new record high at just under $303 billion. At their current level, surplus funds are up 6.5% ($18.6 billion) YTD and 14.0% ($37.2 billion) above March 2009. • Just over 33% of all CU assets are in surplus funds, a three percentage-point increase from this time last year.

Year-end 2009 NCUA summary data shows the yield on average investments just 127 bp above cost-of-funds. When you consider the expenses associated with acquiring and maintaining deposits, plus assessments, this positive spread barely adds to the bottom line.

• CUs appear to be extending maturities to pick up yield as the percent of surplus funds maturing in one year or less fell to 51% versus 59% at this time last year. Since March 2009, estimates by CUNA show agencies increased from 34% of surplus funds to almost 41%

• Surplus funds would be higher had CUs not reduced borrowings by 27% ($11.2 billion) over the past year. Savings and Assets Savings at CUs are up 2.2% YTD to $787 billion. Most would consider quarter-only growth of 2.2% as good, but when you consider over the past four years 72% of all annual deposit growth occurred in the first quarter, we believe the savings growth peak is behind us. The bars in Figure 5 showing annual savings growth reinforce this belief. • Despite historically low deposit yields (share drafts=0.4%, regular shares=0.5%, and money market accounts=

0.9%) members continue to favor these highly liquid accounts. The right graphic in Figure 5 shows 129% of savings gains since March 2009 are attributable to these accounts. CD balances are down 6.2% over the same period.

• A fifth payroll Friday and tax refunds will temporarily boost April results, but savings and asset growth is slowing in the CU marketplace.

• Total assets are up 1.1% YTD and 4.3% over the past year to $914 billion. Reduced borrowing is offsetting deposit inflows.

T o ta l C U R e a l E s ta te Se c ured L oan s Y ea r-to -D a te G row th C o m p a ris on

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J a n Fe b M a r A pr M a y J un Ju l A ug S e p Oc t N ov D e c

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March 2010

-0.6 %


Figure 5 Capital and Other Key Measures Since the accounting reversal of stabilization costs in June 2009, the CU system has added to its capital base in eight of nine months. Currently, total CU capital stands at $89.8 billion, up 2.2% ($2.0 billion) since June and 0.3% YTD. While these are positive signs, 2010 assessments will reduce gains. • For the industry as a whole, the capital-to-asset (C/A) ratio finished March at 9.8%, as shown in Figure 6 - left

graphic. The current reading is well above required minimums, but individual CU results vary significantly. • Deposits continue to flow in, but total loans are down both YTD and over the past year. These trends translated

into a 477 bp decline in the loan-to-share (L/S) ratio since March 2009. After its 83.4% peak at the beginning of the recession, this key lending measure has fallen to 73.6%. Weak member loan demand and CUs selling low-yield fixed-rate 1st mortgages are driving this trend. While we do not believe the L/S ratio will fall below 70.0%, CUs need the additional spread income from lending to boost their bottom lines.

• The right graphic in Figure 6 shows the loan delinquency rate (loans two or more months delinquent as a percent of total loans outstanding) dipped slightly in March. The current level of 1.838% is almost twice the long-term average. Discussions with CU leaders throughout the country indicate some firming in credit quality indicators. Barring any unforeseen economic and/or employment shocks, we believe the delinquency rate is within 20 bp of its peak for this economic cycle.

Figure 6

C re d it U n io nK e y R a t io s a n d D elin q u en c y T ren d s

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L /S = 73 .6% C /A = 9 .8%


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C a p i tal -to -A s s et(R ig h t S ca le)

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C re d it U n io n S a vin gs & A s se t G row th

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Sha re of A nnual S avings G row th ( % )A nnual G r ow th (% )

Ass ets

Savings


M arch 2010


Credit Unions and Members Initial estimates by CUNA Economics and Statistics show a net loss of 76 CUs during the first quarter of 2010. At the end of March, the CU count is 7,755. YTD consolidation trends are slightly elevated from recent results (four-year average net decline for Q1 = 62 CUs), as shown by the left bars in Figure 7. NCUA reports indicate four CUs were closed YTD versus just one for the same period in 2009. Note: three additional CUs were closed by the NCUA from March 31 to May 1. • When compared to full-year results for the period 2006-2009, the current year-over-year net decline is 36 CUs

below the four-year average (right bars in Figure 7). • Despite the first quarter up-tick, we continue to forecast near-term annual consolidation below its 10-year

average. While the nation’s CU leaders haven’t stopped exploring strategic merger opportunities, their primary focus is a stronger bottom line and rebuilding the capital ratio.

• Beyond 2011, we see merger activity accelerating but driven by retirements at smaller CUs. Our forecast assumes no major system shocks and no significant changes to the underlying value of a CU charter. In the current environment, both assumptions are fragile at best.

Figure 7 At the end of March, CUNA estimates show 92.4 million CU members. This reflects a net increase of 1.1 million members over the past year, as shown in Figure 8. On a YTD basis, membership increased 387,000. This is 240,000 (38%) below the average of the past four years. • Our current forecast calls for a net gain of 1.0 million members in 2010 and gains to average just under 1.0

million through 2015. This represents a modest slowdown from the 1.1 million average annual gain generated over the past four years. Growth in CU membership as a percent of the population has slowed and is forecast to hover around 30%. Competition and saturation are driving this assumption.

• The largest gains will continue to be concentrated in the CUs that provide the widest array of products, services, and access channel choices for members.

Figure 8

C o m pa ris o n o f D e c lin es in N um ber o f C U s

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76

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2 70310

274

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N u m b e r o f C U s A n nu a l D e c lin e sM a rc h to M a r ch

YT D M a rch D e c li ne s An n u a l D e c lin e s


A nn ua l N e t G a in in To ta l C U M em bers h ip

2.2

1.9 1.81 .5

1.21.0

1 .2 1.1

1.4 1.31.1

0 .0

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2 .5

00 01 02 03 04 05 06 0 7 08 0 9 1 0M a r

M illio ns o f M e m b e rs

M arch 2 01 0 = 9 2.4 M illion



National Monthly Credit Union Aggregates

CAPITAL/ |------------------ ($ Billions) ---------------------| (Millions) CREDIT LOAN / ASSET

YR/MO LOANS ASSETS SAVINGS CAPITAL MEMBERS UNIONS SAVINGS RATIO08 03 546.3 811.2 685.1 90.0 90.3 8,308 79.7 11.108 04 550.5 811.0 683.9 89.7 90.6 8,345 80.5 11.108 05 554.8 824.9 696.8 90.0 90.9 8,298 79.6 10.908 06 560.7 822.1 693.8 89.7 91.2 8,260 80.8 10.908 07 566.6 818.5 690.1 89.9 91.2 8,230 82.1 11.008 08 572.0 822.7 690.4 90.3 91.2 8,203 82.8 11.008 09 575.0 819.4 683.7 90.3 91.2 8,180 84.1 11.008 10 577.2 827.5 692.7 90.4 91.0 8,158 83.3 10.908 11 578.5 831.1 694.3 90.8 90.9 8,127 83.3 10.908 12 580.5 832.5 697.4 89.8 90.7 8,088 83.2 10.809 01 582.3 849.9 709.5 89.6 90.9 8,062 82.1 10.509 02 581.4 871.9 730.8 89.1 91.1 8,042 79.6 10.209 03 580.9 875.8 741.2 83.6 91.3 8,029 78.4 9.509 04 582.4 880.2 746.6 83.4 91.4 8,016 78.0 9.509 05 583.4 887.8 753.1 83.5 91.5 7,994 77.5 9.409 06 585.9 889.3 752.2 87.8 91.8 7,970 77.9 9.909 07 586.2 895.1 758.3 88.2 92.0 7,945 77.3 9.909 08 590.0 894.2 755.4 89.0 92.3 7,923 78.1 10.009 09 589.8 893.0 754.8 89.1 92.4 7,892 78.1 10.009 10 590.2 904.9 767.0 89.4 92.3 7,885 77.0 9.909 11 590.0 903.0 765.4 89.6 92.3 7,856 77.1 9.909 12 587.4 904.0 769.4 88.7 92.0 7,831 76.3 9.810 01 584.8 899.3 766.9 89.3 92.1 7,814 76.3 9.910 02 581.1 910.3 781.3 89.5 92.3 7,785 74.4 9.810 03 578.8 913.8 786.5 89.8 92.4 7,755 73.6 9.8

Credit Union Growth Rates Percent Change Previous Year # OF CUs Delinquency

YR/MO LOANS ASSETS SAVINGS CAPITAL MEMBERS # OF CUs DECLINE Ratio*08 03 6.8 7.1 6.2 5.8 2.0 (3.1) (270) 0.957%08 04 6.9 7.6 6.5 4.7 2.1 (3.5) (300) 0.958%08 05 6.9 9.0 8.1 4.6 2.3 (3.1) (266) 0.966%08 06 7.2 7.6 6.7 4.0 2.4 (3.3) (278) 0.971%08 07 7.4 8.0 7.4 3.5 2.4 (3.4) (289) 0.953%08 08 7.2 7.3 6.3 3.2 2.2 (3.5) (299) 1.032%08 09 7.3 6.9 5.6 3.1 2.3 (3.5) (295) 1.095%08 10 7.0 8.3 7.6 2.4 2.0 (3.4) (284) 1.142%08 11 6.8 7.3 6.3 2.6 1.9 (3.5) (291) 1.318%08 12 6.7 7.2 6.9 1.5 1.6 (3.7) (308) 1.366%09 01 7.0 8.8 8.3 0.7 1.5 (3.9) (326) 1.440%09 02 6.9 8.7 8.0 (0.2) 1.3 (3.6) (302) 1.407%09 03 6.3 8.0 8.2 (7.2) 1.2 (3.7) (310) 1.435%09 04 5.8 8.5 9.2 (7.1) 0.9 (3.5) (288) 1.508%09 05 5.2 7.6 8.1 (7.2) 0.7 (3.7) (303) 1.571%09 06 4.5 8.2 8.4 (2.1) 0.7 (3.5) (290) 1.580%09 07 3.5 9.4 9.9 (1.9) 0.9 (3.5) (285) 1.655%09 08 3.1 8.7 9.4 (1.4) 1.2 (3.4) (280) 1.640%09 09 2.6 9.0 10.4 (1.4) 1.3 (3.5) (288) 1.686%09 10 2.2 9.4 10.7 (1.1) 1.5 (3.4) (273) 1.732%09 11 2.0 8.7 10.2 (1.4) 1.5 (3.3) (271) 1.783%09 12 1.2 8.6 10.3 (1.2) 1.4 (3.2) (257) 1.824%10 01 0.4 5.8 8.1 (0.3) 1.4 (3.1) (248) 1.874%10 02 (0.1) 4.4 6.9 0.4 1.2 (3.2) (257) 1.878%10 03 (0.4) 4.3 6.1 7.4 1.2 (3.4) (274) 1.838%

* Loans two or more months delinquent as a percent of total loans.


Distribution of Credit Union Loans

Estimated $ (Billions) Outstanding 1ST TOT. OTHR TOTAL TOTAL NEW USED TOTAL UNSEC CREDIT MORT MORT REAL

YR/MO LOANS | VEHICLE LOANS | Ex. CC’S CARDS CUCIC TOTAL 2ND +HE ESTATE MBLs*08 03 546.3 85.7 91.8 177.5 24.5 30.3 230.1 193.3 94.6 287.8 28.308 04 550.5 85.0 92.6 177.6 24.7 30.5 231.1 196.8 94.0 290.8 28.508 05 554.8 84.6 93.1 177.7 24.5 30.8 231.7 199.7 94.6 294.3 28.708 06 560.7 84.0 94.0 178.1 24.7 31.3 231.1 203.4 95.2 298.6 31.008 07 566.6 83.9 95.0 178.9 24.9 31.6 233.5 205.7 95.9 301.6 31.408 08 572.0 83.9 95.5 179.4 25.1 32.0 235.5 208.0 96.9 304.8 31.608 09 575.0 84.2 96.1 180.3 25.4 32.2 236.1 209.7 97.3 307.0 31.908 10 577.2 83.9 96.3 180.2 25.2 32.1 236.6 210.6 98.1 308.8 31.908 11 578.5 83.6 96.1 179.8 25.5 32.5 236.9 211.2 98.5 309.6 32.008 12 580.5 83.4 96.3 179.7 25.8 33.4 236.2 213.3 98.9 312.2 32.109 01 582.3 83.1 96.9 180.0 25.5 33.1 236.5 212.8 98.3 311.1 34.709 02 581.4 82.5 96.8 179.2 25.1 32.3 235.1 214.1 97.7 311.9 34.509 03 580.9 81.9 97.0 178.9 25.0 32.2 233.3 216.2 97.2 313.5 34.109 04 582.4 81.1 97.7 178.9 24.9 32.5 233.2 217.2 96.7 313.9 35.209 05 583.4 80.9 98.1 178.9 25.0 32.8 234.0 218.1 95.9 314.1 35.409 06 585.9 80.8 98.9 179.7 25.2 33.1 234.6 219.8 95.7 315.5 35.809 07 586.2 80.8 99.6 180.4 25.2 33.5 237.4 218.4 95.8 314.3 34.609 08 590.0 81.3 100.3 181.7 25.5 34.1 240.9 220.1 95.6 315.7 33.409 09 589.8 80.5 100.5 181.0 25.7 34.1 240.3 221.9 95.3 317.2 32.309 10 590.2 79.8 100.7 180.5 25.6 34.2 237.9 222.2 95.4 317.6 34.709 11 590.0 78.5 100.2 178.7 25.8 34.7 237.0 224.4 94.6 319.0 34.109 12 587.4 76.7 100.1 176.8 26.0 35.6 237.2 222.4 94.5 316.9 33.310 01 584.8 75.6 100.0 175.6 25.8 35.1 234.0 221.6 94.1 315.7 35.110 02 581.1 74.1 99.8 173.9 25.5 34.4 231.6 221.0 93.6 314.6 34.910 03 578.8 72.5 99.8 172.3 25.5 34.2 229.2 222.4 92.5 314.9 34.8

Distribution of Credit Union Loans Percent Change From Prior Year

1ST TOT. OTHR TOTAL TOTAL NEW USED TOTAL UNSEC CREDIT MORT MORT REAL

YR/MO LOANS | VEHICLE LOANS | Ex. CC’S CARDS CUCIC TOTAL 2ND +HE ESTATE MBLs*08 03 6.8 (5.5) 2.2 (1.7) 8.3 13.7 (0.9) 14.8 8.8 12.7 17.708 04 6.9 (5.9) 3.3 (1.3) 8.6 12.9 (1.0) 16.1 6.9 12.9 18.008 05 6.9 (6.4) 3.4 (1.5) 6.7 11.8 (1.2) 16.0 7.7 13.2 18.008 06 7.2 (6.7) 3.5 (1.6) 5.6 12.8 (0.8) 16.2 7.1 13.1 18.308 07 7.4 (7.2) 4.4 (1.4) 4.9 11.4 (0.6) 16.3 7.4 13.3 17.608 08 7.2 (7.5) 4.4 (1.5) 4.4 11.3 (0.9) 16.2 6.5 12.9 21.608 09 7.3 (7.5) 4.8 (1.3) 4.6 11.0 (0.3) 16.5 5.7 12.8 18.608 10 7.0 (7.2) 4.8 (1.1) 3.2 9.6 (0.1) 15.2 5.6 12.0 17.708 11 6.8 (6.9) 4.7 (1.0) 3.5 8.5 0.1 14.7 5.0 11.4 17.608 12 6.7 (6.6) 5.0 (0.7) 3.0 7.6 0.2 14.7 4.8 11.4 13.909 01 7.0 (5.9) 6.0 0.1 2.0 7.7 1.1 13.2 4.3 10.3 22.909 02 6.9 (5.3) 5.9 0.4 1.6 6.4 1.3 13.4 2.9 9.9 22.509 03 6.3 (4.4) 5.7 0.8 1.7 6.2 1.4 11.9 2.8 8.9 20.609 04 5.8 (4.6) 5.6 0.7 0.9 6.5 0.9 10.4 2.9 8.0 23.309 05 5.2 (4.4) 5.3 0.7 1.9 6.7 1.0 9.2 1.4 6.7 23.109 06 4.5 (3.8) 5.1 0.9 1.7 5.9 1.5 8.1 0.5 5.6 15.409 07 3.5 (3.7) 4.9 0.9 1.0 6.0 1.6 6.2 (0.1) 4.2 10.109 08 3.1 (3.0) 5.0 1.3 1.5 6.4 2.3 5.8 (1.3) 3.5 5.709 09 2.6 (4.3) 4.5 0.4 1.2 6.0 1.8 5.8 (2.0) 3.3 1.409 10 2.2 (5.0) 4.5 0.1 1.7 6.6 0.6 5.5 (2.8) 2.8 8.909 11 2.0 (6.1) 4.2 (0.6) 1.2 6.9 0.0 6.3 (4.0) 3.0 6.709 12 1.2 (7.9) 3.9 (1.6) 1.0 6.4 0.4 4.3 (4.5) 1.5 3.810 01 0.4 (9.1) 3.2 (2.5) 1.5 5.9 (1.1) 4.2 (4.3) 1.5 1.310 02 (0.1) (10.2) 3.2 (3.0) 1.6 6.5 (1.5) 3.2 (4.3) 0.9 1.110 03 (0.4) (11.5) 2.9 (3.7) 2.2 6.4 (1.8) 2.9 (4.9) 0.5 1.8

*Member Business Loans


This report on key CU indicators is based on data from CUNA E&S’s Monthly Credit Union Estimates, the Federal Reserve Board, and CUNA Mutual – Economics. To access this report on the Internet: • Sign in at cunamutual.com • Go to the “Resource Library” tab • Under “Publications” heading, select Credit Union Trends Report If you have any questions, comments, or need additional information, please call. Thank you. Dave Colby 800.356.2644, Ext. 7720 [email protected] CUNA Mutual Group – Economics CORP-0510-3960

Annual Growth RatesTotal Loans & Installment Credit

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Total Loans CUCIC

20092008 2010

Percent

CU Loan Portfolio

0

100

200

300

400

500

600

700

1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010Mar

CIC Other

$ in Billions

47.0%

59.6% 60.4%$388.5

$428.6

$587.4 $578.8

39.8%

$278.942.7%

$330.8

40.4%

$309.3

44.9%

$355.2

49.8%51.8%

$474.2

54.1%

$511.1

56.7%

$544.1

59.5%

$580.5

CIC Share of Total Loansat Credit Unions

35

40

45

50

1 2 3 4 5 6 7 8 9 10 11 12 1 2 3 4 5 6 7 8 9 10 11 12 1 2 3 4 5 6 7 8 9 10 11 1220092009 2010

Percent

Consumer Installment Creditat Credit Unions

200

210

220

230

240

250

260

1 2 3 4 5 6 7 8 9 10 11 12 1 2 3 4 5 6 7 8 9 10 11 12 1 2 3 4 5 6 7 8 9 10 11 1220092008 2010

$ Billions

may 2010 cu trends report

Documents