X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

MADISON, Wis. – Nearly 160,000 members joined credit unions in January, giving the industry a moderate start for the year, according to the latest CUNA Mutual Group Credit Union Trends Report. To be exact, CUs saw a net increase of 158,000 for the month. The increase is still 46,000 members below the average over the past four years, but “simple annualization indicates growth potential of 1.9 million,” well above CUNA Mutual’s forecast, the report read, which was compiled by Dave Colby, chief economist. At 87.7 million, the year-over-year increase was 1.4 million members. Colby cautioned that these estimates and those back to July 2005 are subject to revisions based on final NCUA Call Report information and adjustments by CUNA Economics and Statistics. Year-end data shows 4,663 CUs (52% of all CUs) reported membership declines in 2005. Meanwhile, with the loss of 36 CUs, January was the first time the CU marketplace count had fallen below 9,000, according to the report. At the end of January, there were 8,978 CUs reflecting a net decline of 325 over the past year. “Our 2006 forecast will remain conservative until we see consistently stronger results,” Colby said. “We also realize a good share of recent membership gains are attributable to indirect lending.” Over the course of 2005, the number of indirect loans outstanding increased by about 845,000, CUNA Mutual said.

Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.

Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Critical CUTimes.com information including comprehensive product and service provider listings via the Marketplace Directory, CU Careers, resources from industry leaders, webcasts, and breaking news, analysis and more with our informative Newsletters.
  • Exclusive discounts on ALM and CU Times events.
  • Access to other award-winning ALM websites including Law.com and GlobeSt.com.

Already have an account?

Credit Union Times

Join Credit Union Times

Don’t miss crucial strategic and tactical information necessary to run your institution and better serve your members. Join Credit Union Times now!

  • Free unlimited access to Credit Union Times' trusted and independent team of experts for extensive industry news, conference coverage, people features, statistical analysis, and regulation and technology updates.
  • Exclusive discounts on ALM and Credit Union Times events.
  • Access to other award-winning ALM websites including TreasuryandRisk.com and Law.com.

Already have an account? Sign In Now
Join Credit Union Times

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.