MADISON, Wis. (1/8/13)--Credit union membership grew 0.2% in November to a record 96.12 million, according to the Credit Union National Association's (CUNA's) Monthly Credit Union Estimates. That's a 2.5% annualized growth rate--the best in a decade and a half.
"You would have to go back 15 years to find comparable membership growth," said Mike Schenk, vice president of CUNA's economics and statistics, during CUNA's press call Monday morning. "Consumers are continuing to vote with their feet," he said.
November added 140,000 memberships, up from the 95.98 million memberships recorded in October by CUNA's monthly report. Credit unions reported phenomenal growth in 2011, with a boost from Bank Transfer Day, but that growth has continued, indicating that consumers trust credit unions with their financial business.
Other notable numbers reported in the estimates included:
- Strong loan growth in every loan area except mortgages, which experienced a decline. Year over year, loans grew 4.4%, to reach $610 billion in November.
- Savings grew 7.7% year over year, to $899.2 billion.
In 2013, credit unions can expect faster loan growth and savings growth of about 5% to 5.5% each, said Schenk.