Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

Market Archive

Market

Fed: CU Members And Consumers Borrow More In April

 Permanent link
WASHINGTON (6/10/13)--Borrowing by U.S. consumers and credit unions marginally increased in April, continuing a trend that has been ongoing the past several months, according to the Federal Reserve's Consumer Credit Report released Friday afternoon.

Overall, borrowing rose $11.1 billion, or 4.7%, to reach $2.82 trillion.

The $2.82 trillion total for April compares with roughly $2.81 trillion borrowed in March and $2.69 trillion borrowed in second quarter 2012, seasonally adjusted.

At credit unions, members borrowed $251.2 billion, up from March's $247.6 billion and from $231.2 billion in second quarter 2012, not seasonally adjusted.

Revolving credit data indicate that consumers overall charged $807.5 billion in April--up from $804.9 billion in March and just a notch ahead of the $807.4 billion in second quarter 2012. Credit unions' charge card debt barely rose to $39.5 billion from $39.4 billion in March. That compares with $37.4 billion borrowed in second quarter last year.

Total nonrevolving debt--which comprises student and auto loans but not real estate loans--rose $10 billion in April to $1.97 trillion from $1.96 trillion in March. In the second quarter 2012, nonrevolving debt totaled $1.839 trillion.

At credit unions, April nonrevolving debt totaled $211.8 billion, an increase from $208.2 billion in March. During second quarter 2012, members borrowed $193.8 billion.

Las Vegas Bank Closing Is 15th This Year

 Permanent link
WASHINGTON (6/10/13)--The Federal Deposit Insurance Corp. announced one bank closing Thursday, which brings this year's total of failed U.S. banks to 15.   

That compares with nine credit union closings so far this year by the National Credit Union Administration.

1st Commerce Bank, North Las Vegas, Nev., was closed and will be assumed by Plaza Bank, Irvine, Calif., the FDIC said.

1st Commerce Bank, as of March 31, had roughly $20.2 million in total assets and $19.6 million in total deposits.  The FDIC estimates the cost of the closure to its deposit insurance fund to be $9.4 million.