While credit unions under $50 million in assets have consistently reported a decline in membership, some billion dollar cooperatives continue to experience a decrease as well.
According to CUNA Mutual Group's September Credit Union Trends Report, 58% of CUs under $50 million in assets reported declines and 20% of the billion-dollar plus segment are following the same pattern.
Overall, the industry's membership was up 65,000 in July, the latest period tracked. This reflected an 845,000 member gain year-to-date and 867,000 over the past year. There are now an estimated 92.9 million members being served by CUs.
Still, CUNA Mutual Chief Economist Dave Colby noted that not all CUs are growing their membership base. Just released data based on NCUA 5300 Call Reports showed 53%, or 4,036 CUs, reported membership declines between June 2009 and June 2010. These CUs held roughly 30% of industry assets. The data also showed 369 CUs with assets more than $500 million accounted for 91% of all membership gains between June 2009 and June 2010. These larger institutions now hold 51% of all members.
Colby said CUs can continue to address members' most pressing financial concerns as one way to build loyal bases and nurture new relationships.
"Most importantly, when consumer credit is tight, credit unions can help members and their bottom line by adding well underwritten, fairly priced loans to their books," Colby said. "Credit unions will need to employ aggressive-disciplined strategies to search for members to help."
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