54 Percent of CUs Reported Y-O-Y Decline in Membership

The National Credit Union Administration last week reported that 54 percent of all federally insured credit union had fewer members as of the third quarter of 2014 compared to a year ago.

The median year-over-year decline in membership was minus 0.4 percent.

The agency acknowledges that credit unions with falling membership tend to be small. Seventy-five percent had less than $50 million in assets.

In 29 states, the median year-over-year membership growth rate was negative. That means more than half of the credit unions in those 29 states had fewer members as of September 2014 compared to September 2013. The states of New Jersey, Pennsylvania, and Montana had the lowest membership growth rate at minus 1.5 percent each.

NCUA notes that most of the industry's membership growth is coming from credit unions with $500 million or more in assets.