Tightly managed membership rolls coupled with low deposit rates could be driving factors behind low membership growth over the long term.
The forecast comes from CUNA Mutual Group's April Credit Union Trends Report. As expected, semi-annual benchmark data revisions significantly reduced membership growth estimates, the data showed. The original two million member net gain was revised down by 732,000, according to CUNA Mutual Chief Economist Dave Colby. The revisions were consistent with traditional seasonal growth patterns, he added.
At 92 million, CUs generated a net increase of 1.3 million members in 2009. Through the first two months of 2010, total membership was up 230,000 to 92.3 million. This reflected a 1.1 million year-over-year net increase.
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