MADISON, Wis. — Large bank mergers and bailouts along with auto dealers upping price discounts could present yet more opportunities for credit unions to grow their membership.
According to CUNA Mutual Group's November Credit Union Trends Report, the industry has an estimated 91.9 million members, which included a gain of 128,000 in September. Year to date, growth is 2.6 million, 2.3 times greater than all of 2007′s figures. As seen in the last quarter in two of the past three years, membership is expected to decline in the fourth quarter this year as credit unions clean up inactive accounts, the report noted.
CUNA Mutual said it expects mega-bank consolidations and bailouts to trigger a migration of bank customers to credit unions adding that many may choose to switch because of a desire for local decisions and control.
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Membership may also see a boost as auto dealers move towards price discounting and away from subsidized financing, according to CUNA Mutual. "Slightly improved" vehicle lending and the indirect channel are expected to bring in more members.
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