MADISON, Wis. — So far, membership gains in 2007 are continuing on an exceptionally strong pace.
That's according to the latest data in CUNA Mutual Group's Credit Union Trends Report. Year-to-date estimates through April, the most current month tracked, show the nation's credit unions have generated a net increase of almost 900,000 members. This is 223,000 (35%) above results for the first four months of 2006 and just slightly above the four-year average, the data showed.
"Tempering our year-end forecast are credit unions aggressively purging inactive members and the removal of indirect loan-only members upon payoff," said Dave Colby, chief economist at CUNA Mutual and author of the report. "Current results indicate we are well on our way to outperform the 2007 forecast."
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Colby said the industry can expect a net increase of roughly a million members per year over the next three years depending on if there is "no significant change in the value of the credit union charter."
Meanwhile, not all CUs are enjoying membership gains. First quarter NCUA data show 3,889 CU reporting YTD declines in membership. These CUs held roughly 25% of all assets at the end of the first quarter. Included in this group are 21 CUs with assets in excess of $1 billion.
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