LANSING, MI (April 19, 2022) — The fourth quarter of 2021 looked all too familiar to the previous quarter with the rise of a new COVID-19 variant, Omicron. While this new variant continued Delta’s disruption of the global supply chain, it had little effect on the growth of the national economy and credit union financial performance, which was largely mirrored in Michigan.
Memberships in Michigan rose 0.8% (3.2% annualized) in the quarter — nearly 10 times faster than U.S. population growth. The state’s membership growth in 2021 came at a three-year high of 4.2%, pushing total Michigan credit union memberships to 5.8 million.
Membership growth by region (for trailing 12 months):
Michigan credit union loan portfolios increased 10.2% over the past year. This average is well above the national rate of 7.7%.
Q4 loan growth (by type):
“The end of the fourth quarter also marked approximately one year out of the COVID-19-induced lockdown. While the year saw the dangerous breakthroughs of two variants of the virus, Michigan’s credit union memberships continued to rise, and at the fastest rate we’ve seen in a few years,” said MCUL CEO Patty Corkery. “After nearly two years of this pandemic, it’s clear to me that the membership our state has seen is not unrelated to the virus. During times of difficulty or general uncertainty, finding a trusted financial partner is a top priority. Last year, that’s exactly what we saw consumers do in Michigan, where membership growth outpaced population growth.”
CUNA’s Q4 Member Benefits Report for 2021 shows that Michigan credit unions contributed to a total of $556 million in direct financial benefits to Michigan’s 5.8 million members over the previous twelve months. This total is equal to $83 per member or $174 per household.
These figures are calculated based on average savings differences between credit union and bank pricing. They result from financial benefits, such as higher CD rates and fee-free checking, as well as lower rates and fees on products like home, car and auto loans.
Find the complete Q4 2021 NCUA Call Report Data here.
You can also find more Q4 data on Michigan credit unions’ low rates and high dividends in the CUNA Q4 Member Benefits Report.
The Michigan Credit Union League (MCUL) is headquartered in Lansing, Michigan. The 187 Michigan credit unions, which hold $101 billion in assets, serve 60% of the state’s population. During the twelve months ending September 2023, Michigan credit unions provided its 6 million members with a total of $762 million in direct financial benefits.
Shawn Glinis
Media and Publications Editor
Michigan Credit Union League
734.793.3449 | Shawn.Glinis@MCUL.org
