MADISON, Wis. — The industry saw an unusual, late-year surge of 367,000 members in the fourth quarter last year, allowing credit unions to cap off 2007 with a total of 89.7 million members, according to the latest Credit Union Trends Report from CUNA Mutual Group.
The gain is well above the trends exhibited over the past three years and 400,000 above CUNA Mutual's previous 2007 forecast, according to Chief Economist Dave Colby. In December alone, membership increased by 170,000, in contrast with the declines reported in three of the past four years.
While NCUA's data shows 37.4 million potential members were added in 2007 through field of membership expansions, Colby cautioned "there is redundancy in FOM expansions as-well-as in total membership estimates."
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