While credit union trade associations were spiking the ball celebrating that credit union membership had reached 100 million, most credit unions did not participate in this membership growth.
According to NCUA, the median credit union membership growth rate was minus 0.4 percent year-over-year. Nationally, 54 percent of credit unions had fewer members at the end of the second quarter than a year before.
NCUA noted that credit union industry membership growth was primarily due to large credit unions.
The cu members that belonged to 2 or 3 three credit unions closed their accounts at the smallest ones. And will continue to do so as they migrate to bigger cus. A fairly flat number of members have been increasing the number of memberships, for years.
ReplyDeleteAlso count in escheated accounts that go to states. Banks have same problems.
ReplyDeleteStat of the day, 100 million members.
ReplyDeleteHow many have multiple memberships?
Of those and the rest, how many also have bank accounts?
Don't tell Denise dollar.
To him it's still a good number, bro.
Stat of the day...any number Cuna (cu not accountable) gave as new members from bank transfer day.
ReplyDeleteYes, here's another stat of the day...
ReplyDeleteFrom the chief robusterian, Humple, " the corporate assessments will be at most 10 bps, CUs should just pay it and move on". CU Times December, 2008.
Stat of the day, 100 M members.
ReplyDeleteMinus multiple cu memberships.
Minus those with bank accounts.
Minus those that are indirect auto members.
Minus those ill gotten gains from illegal association.
Minus those ill gotten with multiples!
If CUs are that insignificant, then why do bankers continue to want us to be taxed? Obviously, we're barely a blip on the radar. Thank you for your well-thought out argument. Yes, we're insignificant. We don't need to be taxed.
DeleteThere is an obvious disparity in performance by any metric between large and small credit unions. The same could be said for profitability, loan growth, etc, etc.
ReplyDeleteLook credit union membership numbers are like any professional sports attendance figures. Sports use tickets sold/issued. Not "butts in seats." Banks don't know how many customers they have either.
ReplyDeleteSimply put (using the movie "Meatballs" quote)..."It just doesn't matter!"