Out West, businesses are taking out more loans despite recession fears americanbanker.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from americanbanker.com Daily Mail and Mail on Sunday newspapers.
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.