The country’s credit unions are particularly exposed
The Federal Reserve’s interest-rate rises are causing pain in the land of casinos: Nevadans are googling how to return their car more than folk in any other state. Yet while their pain is acute, it is not unique. Across America, the share of high-risk auto borrowers that are behind on payments by at least 60 days reached 6.1% in September, its highest in three decades . This spells trouble for an unglamorous yet increasingly important institution: the credit union.
A fifth of union savings are in outfits where loans exceed deposits, up from an 80th at the start of 2021—meaning they need greater liquidity to ensure safety. Indeed, regulators are monitoring the sector’s liquidity. Just four unions went under in the first half of the year—consistent with recent trends—and in aggregate balance-sheets look healthy. There are some worrying shifts, however.
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