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CUNA reports strong credit union lending despite bumpy national picture

first_img 5SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblr A double dose of discouraging economic data last week–that the economy contracted in the first quarter and consumer sentiment moving forward had diminished–did not undercut a strong month of lending for credit unions in April.CUNA’s monthly credit union estimates, released this week, found that loan growth at credit unions climbed 1% in April after a 0.6% jump in March.“The uneven macroeconomic data in the first quarter seemed to have no effect on credit union lending,” said Perc Pineda, CUNA senior economist. “The Bureau of Economic Analysis revised its estimate of the first quarter GDP growth rate from an increase of 0.2% to a decrease of 0.7%. Despite weak first quarter GDP numbers, credit union lending continued to expand.”The expansion was fueled by home-equity loans, which rose by 3.5%, followed by adjustable-rate mortgages at 2.1%, new-auto loans at 1.9%, unsecured personal loans at 1.6% and used-auto loans at 1.1%. continue reading »last_img read more