Credit Unions See More Signs of a New Auto Loan Revival

Credit Unions See More Signs of a New Auto Loan Revival

July 31, 2012 •

During the first half of 2012, loans for new cars at credit unions experienced their first annualized increase in more than two years.
That’s according to industry analysis from Catalyst Strategic Solutions, a subsidiary of Catalyst Corporate Credit Union in Plano, Texas. Auto loans increased 4.5% from January to June. First-lien mortgages were also up 5.3%.
Brian Turner, director and chief strategist for Catalyst, said the increases in lending activity has loan growth averaging 2.3% for the first six months of 2012 compared to a negative 1.6% contraction this time last year.
“The unfortunate news is most of the loan growth seems to be limited to larger credit unions who have a bigger appetite, and capacity, to retain its current originations,” Turner wrote in his analysis. “Moreover, tighter net margins tend to increase minimum rate requirements perceived by smaller credit unions which in turn directly limit their growth capacity.”

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The FRB Committee decided to maintain the target range for the federal funds rate at 4-1/4 to 4-1/2 percent.

Recent indicators suggest that economic activity has continued to expand at a solid pace. The unemployment rate has stabilized at a low level in recent months, and labor market conditions remain solid. Inflation remains somewhat elevated. The Committee seeks to achieve maximum employment and inflation at the rate of 2 percent over the longer run. Uncertainty around the economic outlook has increased. The Committee is attentive to the risks to both sides of its dual mandate. In support of its goals, the Committee decided to maintain the target range for the federal funds rate at 4-1/4 to 4-1/2 percent. In considering the extent and timing of additional adjustments to the target range for the federal funds rate, the Committee will carefully assess incoming data, the evolving outlook, and the balance of risks. The Committee will continue reducing its holdings of Treasury securities and agency debt and agency mortgage‑backed securities. Beginning in April, the Committee will slow the...

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