100 Million Members – Now what?

Each month we look at the latest Credit Union Trends Report for the information our credit union followers need/want to know. Typically, it’s loan trends (auto, home, refinancing) and membership growth

This month in our interview with our new chief economist, Steve Rick, we had a chance to talk about hitting the 100 million member milestone. While we expect to hit the mark sometime this summer, Rick pointed out that “credit union membership is growing 25-percent faster than this time last year.” Of course, we had to ask why? He attributes the rapid growth to a few things:

• General increase in credit demand in the over all economy.
• Labor market is improving.
• People are ready to make bigger purchases (cars, appliances…).