WASHINGTON—The Federal Reserve is reporting outstanding consumer credit growth accelerated at credit unions in August.
Total consumer credit balances at credit unions increased by approximately $7.7 billion for August to $485.8 billion. In comparison, outstanding consumer credit at credit unions grew by $2 billion in July, reported Keith Leggett, the former senior vice president and senior economist at the ABA.
The growth in consumer credit at credit unions was fueled by an expansion in nonrevolving credit. Nonrevolving credit includes loans for motor vehicles, mobile homes, education, boats, trailers, and vacations, Leggett stated in his analysis.
Nonrevolving credit balances rose by almost $8 billion during August to $421.6 billion.
On the other hand, revolving credit at CUs edged lower by almost $200 million to $64.3 billion during August, Leggett said.