Summer Continues to Bring in More New CU Members

MADISON, Wis. — The 1.6 million year-to-date credit union membership gain, including an estimated 236,000 new members in June, has surpassed all of 2007′s numbers by half a million.

CUNA Mutual Group’s June credit union trends report noted that credit unions are poised to grow membership by 900,000 members per year over the next few years. The estimated member count is now 91 million. Even though the 1.6 million year-to-date gain is 500,000 above full-year 2007 results, initial 2007 mid-year results were revised lower by more than 800,000 when final results were in, pointed out Dave Colby, chief economist at CUNA Mutual.

Colby said while annualized membership gains of 3.3 million, which is three times 2007′s numbers, would be ideal, current estimates may be revised lower when the mid-year 5300 Call Report results are completed.