If credit unions are not capitalizing on recent recordmembership gains now, the industry could see an exodus in 2013.

Dave Colby, chief economist at CUNA Mutual Group, shared thatinsight in the March Credit Union Trends Report. According to thedata, initial estimates showed there were 94.8 million members inJanuary, the latest month tracked. That figure is up 2.2 millionsince January 2010.

The failed attempt by Bank of America last year to levy a $5 monthly debit card usagefee helped credit unions boost their memberships by 1.2 million,the data showed. Positive momentum continued as credit unions addedanother 272,000 in January. That month's gain was 172,000 above theaverage January results for the previous four years.

Still, Colby warned credit unions not to rest on theirlaurels.

“The only way to make these gains work for members and creditunions is to move rapidly to multiple, mutually beneficial productrelationships,” Colby said. “If we don't, next year's creditunion's headlines will read 'CUs Rush to Purge Unprofitable Membersas Best Members Leave.'

At the end of 2011, 88% of membership gains were generated bycredit unions with assets in excess of $1 billion, according to thereport.

Colby said not all credit unions participated in last year'sgrowth. Roughly 54% or 3,900 credit unions reported membershipdeclines in 2011. These credit unions hold 27% of industry assets,the data showed.