An economic report by CUNA Mutual Group revealed that despite fewer credit unions in 2015, credit union memberships grew by 248,000.
The February Credit Union Trends Report released Feb. 26 said there were 39 fewer credit unions in December, compared to a month earlier, and that the number of credit unions for the year declined by 288, compared with a loss of 282 in 2014.
With a robust demand for credit, solid job growth and comparatively lower fees and loan interest rates, memberships improved 3.8% for the year. Membership rose 0.25% in December, slightly lower than the December 2014 gain of 0.32%.
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