With credit unions growing their membership by an estimated 1.7 million in 2009, industry data suggests that this year is on task to have similar growth.
That's according to CUNA Mutual Group's January 2010 Credit Union Trends Report. At the end of November, the latest period tracked, total industry membership was 92.8 million. Membership gains are likely to be revised lower when final NCUA year-end data is reported, the data showed.
A number of factors helped boost membership nationwide including consumers seeking the safety of insured and local depository institutions and rate shopping for deposits and loan refinancing, the trends report noted.
"When the final data is in, we think CUs will have grown membership by more than 1.7 million in 2009 and the 2010 environment will be favorable for similar results," according to the report.