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U.S. banks lost 2.5% of their deposits during the first quarter while credit unions saw a 2.1% quarterly increase, according to an S&P Global Market Intelligence analysis. Aggressive marketing and credit unions' relatively untarnished reputations helped motivate the shift.
Credit unions' provision for loan and lease losses rose by 337% in 2022. Industry observers cite forecasted economic weakness and current expected credit loss implementation as the primary reasons.
Overdue loans for U.S. credit unions hit 0.42% in June the lowest level in the industry's history. But some warn of deteriorating credit quality as the economy sours.