The continued rise in membership may be fueled by those credit unions that are seizing the opportunity to court consumers frustrated with bank bailouts.
That's according to the latest Credit Union Trends Report from CUNA Mutual Group. At 91.9 million, membership was up 202,000 in April and 1.3 million over the past year. Year-to-date estimates through April indicated the nation's credit unions have generated a net increase of 1.1 million members.
"[We] believe tight expense management [including] purging inactive members, lower deposit yields and high merger activity, [which will reduce] member count redundancy will more than offset other credit unions who are actively pursuing growth by leveraging consumer dissatisfaction with bailouts of big banking," the report noted.
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