Credit union auto lending by the numbers

Having a reliable vehicle to get to work or school is an essential need for many, and credit unions help consumers at all levels of credit get affordable auto loans. Our first ever Credit Union Auto Lending Monthly Report highlights those efforts.

The report—using the massive data set acquired last year from Equifax—looks at the credit union difference in terms of real savings for credit union members.?

National credit union auto lending trends in the report, using September 2022 data, include:

• Credit unions’ market share of new loan originations hit 42.5% in September 2022, compared to 30% in September 2021, making credit unions the top auto lenders in the country.
• Credit unions extend more loans to nonprime credit score borrowers compared to other depository institutions. Nonprime borrowers account for 23% of credit unions loans in September 2022 compared to only 14% at banks.?
• Credit union loan rates work with consumers across the credit score spectrum. The typical consumer with an average credit score financing a six-year $40,000 auto loan at a credit union would pay an annual interest rate of approximately 5.45%—below the 6.86% bank average rate and well below the 7.64% average rate at a finance company.?

These numbers confirm what we’ve known for a long time: credit unions are consumers’ best financial partners.

This is just the tip of the iceberg of what we’re able to do with this data. Stay tuned for more information in the coming weeks.

read the report here

Futurist to speak at CUNA GAC

We’re excited to welcome best-selling author and futurist Peter Diamandis to the CUNA Governmental Affairs Conference (GAC), Monday, Feb. 27. He will give attendees a true understanding of how the six Ds—Digitization, Deception, Disruption, Dematerialization, Demonetization, and Democratization—will impact your products and services, plus ways to innovate and transform your business. This session is sponsored by Open Lending.

Register for 2023 CUNA GAC

CUNA, Iowa League receive MarCom Gold Award

CUNA and the Iowa Credit Union League recently received a MarCom Gold Award for Best Association Member Communications Digital Ad Campaign for our mid-term election ad in support of Rep. Ashley Hinson, R-Iowa. It’s an honor to be recognized for our work supporting a credit union champion. The ad was part of a CUNA/Iowa League member communication campaign urging credit union members across Rep. Hinson’s district to vote for her re-election.

Read more here

Credit Union Board Modernization passes House

The House passed the CUNA and League-led Credit Union Board Modernization Act Monday by voice vote and with more than 60 co-sponsors. This bill would allow federal credit union boards to meet at minimum six times per year and was one of the first bills passed by the House in the 118th Congress. Getting this bill through the House in the early weeks of Congress gives us strong momentum to get it re-introduced in the Senate and across the finish line. This is a great example of CUNA-League advocacy moving common-sense, bipartisan bills forward.

Read about the bill here

Talking CLF, digital assets with NCUA Chairman Harper

CUNA EVP/Chief Advocacy Officer Robert Lewis, Deputy Chief Advocacy Officer for Federal Government Affairs Jason Stverak, and I met with NCUA Chairman Todd Harper this week to discuss issues facing credit unions, particularly in a challenging economic environment. We also reiterated the need for action regarding Central Liquidity Facility enhancements and credit unions’ role in the digital assets space.

Read more

More from 360-degree advocacy

• The Consumer Financial Protection Bureau issued a proposal on credit card late fees, irresponsibly bypassing its statutory obligations under the Small Business Regulatory Enforcement Fairness Act.
• Leagues leaders reflect on the positive relationships between credit unions and key committee leaders from both parties in the House and Senate.
• CUNA Manager of State Outreach Tylik McMillan spoke at the U.S. Department of Education’s Black History Month kick off alongside Education Secretary Miguel Cardona, Rep. Jahana Hayes, D-Conn., and others.
• CUNA Senior Director of Advocacy and Counsel Luke Martone and Director of Advocacy and Counsel Madison Rose met with NCUA’s new Director of Financial Technology and Access Charles Vice this week to discuss the latest technology issues facing credit unions.