Credit unions are gaining momentum with the populous according to CUNA Mutual’s Trends Report for April, reflecting 870,000 new memberships in the first two months of this year. Memberships rose 0.49 percent in February and 4.3 percent during the last 12 months.
“Credit unions should expect membership growth to exceed 3.5 percent in 2017,” the analysis is forecasting. “This will push the total number of credit union memberships to 113.5 million by year end, which is equal to 33 percent of the total U.S. population.”
Lending also is on the grow as credit union loan balances rose 0.5 percent in February, faster than the 0.1 percent pace reported in February 2016, and 11.5 percent during the last 12 months.
Credit Union Consumer Installment Credit balances (auto, credit card and other unsecured loans) rose 0.9 percent in February. Credit union consumer installment credit grew 12.1 percent during the last year, better than the total market excluding credit unions See the full article at CU Today.