MADISON, Wis. — Even as membership gains continued into the spring, more than two dozen billion dollar credit unions that are among those that hold 25% of the industry's assets reported declines in the first quarter.
According to CUNA Mutual Group's latest Credit Union Trends Report, which cites data from CUNA statistics, 3,721 credit unions reported year-to-date drops in membership. These credit unions account for 25% of assets at the end of the first quarter. The group also includes 27 of the 132 billion dollar credit unions, said Dave Colby, chief economist at CUNA Mutual.
"[Year-to-date] results are already above our annual forecast but we believe current data is overstating actual results and that credit unions are not seeing a record surge in new members," Colby said.
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