NAFCU Fed Report: Reg relief needed to sustain CU growth
The 2018 NAFCU Report on Credit Unions is now available online. The report shows, among other things, that the credit union industry continues to strengthen and see membership growth, although compliance burdens have led to industry consolidation.
“Our 2018 NAFCU Report on Credit Unions shows that credit unions play a critical role in the economy to the tune of $16 billion annually and continually work to meet the needs of their local communities and members,” said NAFCU President and CEO Dan Berger. “The credit union industry remains well-capitalized, financially sound and committed to its members – which is why the industry saw over 4 percent membership growth during the past year.
“More than 114 million Americans are members of a credit union, where 300,000 credit union employees work daily to provide them with the best service possible. However, regulatory and compliance burdens still weigh heavily on the industry’s ability to serve its membership. That’s why it’s so important to NAFCU – the industry’s Washington Watchdog – to ensure that the interests of the nation’s 5,500 federally insured credit unions are effectively represented,” Berger added.
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