MADISON, Wis. — Membership expansion slowed significantly in September with the month-only gain at 18,000 members versus an average monthly gain of 240,000 for January through August, according to CUNA Mutual Group's Credit Union Trends Report.
The industry's member count is currently estimated at 90.2 million. This reflects a gain of 1.9 million members both year-to-date and over the past year, according to the report. These results remain well above trend as the average annual gain over the past 10 years was 1.7 million members.
"Weak gains in September are likely a harbinger of results through year end," said Dave Colby, chief economist at CUNA Mutual. "In three out of the past four years, credit unions reported membership declines in the fourth quarter. Culling of inactive members and conversions into non-credit union charters were the primary drivers of past 4th quarter weakness."
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