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During the past 12 months, ending in June, credit union savings balances grew 16.7%, according to CUNA Mutual Group’s latest “Credit Union Trends Report.” The report stated that number is “almost three times faster than the 5.7% average annual growth rate recorded during the last 10 years.”

The report showed “regular share deposits are currently growing at a 35% seasonally-adjusted annualized rate, the fastest pace in recent history as members have reduced spending due to the COVID-19 pandemic.”

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Michael Ogden

Editor-in-Chief for CU Times.

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