Report: Credit union membership reaches new high

WASHINGTON – A new report shows the credit union industry set new records in the first quarter of 2016 in areas including loans, membership and share.
The report, Trendwatch, conducted by the Washington, D.C.,-based credit union consultancy Callahan & Associates, shows credit union membership growing 3.9 percent to a new high of 105.2 million people compared with the same period last year. At the same time, the average member relationship reached an all-time high of $17,245, according to the report. The consulting group says the growth was fueled by loan, share and member growth, “despite a relatively slow economy.”
“Credit unions continue to become a primary financial institution for many Americans,” said Alix Patterson, Callahan partner. “They are the first choice for transactions and for loans and it shows strength, trust and loyalty in relationship.”
Overall loan growth was up 10.9 percent and shares increased 6.9 percent to $1.1 trillion, according to the release.
“This continued momentum occurred despite relatively weak economic growth and spending nationally in the first quarter,” said partner Jay Johnson. “But low unemployment and gas prices coupled with improving consumer sentiment and retail sales seems to set the stage for an even stronger 2016.”
Total loan origination grew 13.1 percent, marking record-breaking total loan balances of greater than $180 billion, according to the consultancy.
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