Credit union membership growth is moving three times faster than U.S. population growth, according to the Credit Union National Association’s monthly sample of credit unions for July. That report also reflects a continuation of strong, overall first-half-of-the-year results.
Total memberships expanded rapidly in July–increasing by 0.4% in the month and pushing them over the 98 million mark, Mike Schenk, CUNA vice president of economics and statistics, told News Now.
“The recent rate of membership growth is unlikely to be sustained throughout the year but the data does show credit union memberships are up by 2.7% compared to year-ago levels–that’s about three times faster than the U.S. population growth rate, which has been expanding at an annual rate of slightly less than 1% recently. That’s a clear indication that more consumers continue to recognize the credit union difference and understand that credit unions are the best choice for consumer financial services,” Schenk concluded.
Schenk also noted: “Overall credit union loans grew by a strong 1% in the month and by 5.5% over the past year. Strong increases were seen in almost every major loan category we track, with unsecured personal loans leading the way, reflecting a 2.1% increase in July and 8.8% year-over-year.”continue reading »