CUNA News Now: Consumer credit drops 6% in 3Q, credit at CUs is up

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WASHINGTON (11/9/09)--Overall consumer credit decreased at an annual rate of 6% during third-quarter 2009, to $2.455 trillion, according to statistics released Friday by the Federal Reserve. Credit unions turned out to be a bright spot in the report, seeing increases in both revolving and nonrevolving credit while commercial banks and finance companies experienced decreases.

Overall revolving credit during third quarter dropped 10% (at an annual rate) to $889 billion, while nonrevolving credit was down 3.8% to nearly $1.566 trillion.

For the month of September, consumer credit dropped 7.25% (not seasonally adjusted), while revolving credit plunged 13.3 % and non-revolving credit slipped 3.7%.

On a non-seasonally adjusted basis, third quarter consumer credit totaled $2,465.4 billion. Of that, credit unions accounted for $240.5 billion, which was an increase from the $236.1 billion they loaned in third-quarter 2008.

Banks lost ground during the year, registering $831.5 billion loaned for third-quarter 2009 compared with $844.1 billion a year earlier. Finance companies also saw decreases--to $522.8 billion for third-quarter 2009 versus $596.3 billion in third-quarter 2008.

Credit unions' revolving credit totaled $34.2 billion for third quarter 2009, up from $32.2 billion during the period in 2008. Their non-revolving loans totaled $206 billion for third quarter this year, an increase over $203.9 billion loaned in the same period last year.



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	News Now LiveWire NCCUL and WOCCU met with Romanian CUs this week. The CUs are experiencing growth and want to increase their public relations efforts. 3 days ago Kent Buckham has been named by NCUA as director of the newly created Office of Consumer Protection. The 7-person dept. launches in Jan. 3 days ago Reg E gift card rule proposed by Fed. Would implement Credit CARD Act requirements that are effective Aug. 22. http://tinyurl.com/yh9eats 3 days ago AOL's Walletpop advises "fee-weary consumers" to find a credit union, points them to CUNA's online CU locator: http://tinyurl.com/ydsjlvr 3 days ago NCUA approved 2010 OTR of 57.2 percent 4 days ago Sign up; more tweets... Consumer credit drops 6% in 3Q, credit at CUs is up WASHINGTON (11/9/09)--Overall consumer credit decreased at an annual rate of 6% during third-quarter 2009, to $2.455 trillion, according to statistics released Friday by the Federal Reserve. Credit unions turned out to be a bright spot in the report, seeing increases in both revolving and nonrevolving credit while commercial banks and finance companies experienced decreases. Overall revolving credit during third quarter dropped 10% (at an annual rate) to $889 billion, while nonrevolving credit was down 3.8% to nearly $1.566 trillion. For the month of September, consumer credit dropped 7.25% (not seasonally adjusted), while revolving credit plunged 13.3 % and non-revolving credit slipped 3.7%. On a non-seasonally adjusted basis, third quarter consumer credit totaled $2,465.4 billion. Of that, credit unions accounted for $240.5 billion, which was an increase from the $236.1 billion they loaned in third-quarter 2008. Banks lost ground during the year, registering $831.5 billion loaned for third-quarter 2009 compared with $844.1 billion a year earlier. Finance companies also saw decreases--to $522.8 billion for third-quarter 2009 versus $596.3 billion in third-quarter 2008. Credit unions' revolving credit totaled $34.2 billion for third quarter 2009, up from $32.2 billion during the period in 2008. Their non-revolving loans totaled $206 billion for third quarter this year, an increase over $203.9 billion loaned in the same period last year. For more details, use the resource link. Resource Links Federal Reserve's Consumer Credit Statistical Report More Market
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