NAFCU's decision to expand its field of membership has paid off, according to membership growth information the trade association shared Friday with CU Times.
According to Vice President of Membership and Sales Catherine Safady, so far this year, 70 new credit unions have signed up for NAFCU membership. That eclipses the 59 new members Safady said the trade gained last year.
In June, NAFCU's board approved changes to the organization's bylaws that expanded its field of membership to include federally insured, state chartered credit unions.
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Safady said NAFCU receives new membership applications every week, and one third of those are from state chartered credit unions.
NAFCU declined to provide total membership numbers; however, the Arlington, Va.-based organization reported nearly 800 members in its 2014 annual report.
President/CEO Dan Berger said he expected membership growth to continue through the fourth quarter of 2015.
If member growth in the final quarter of the year maintains its current pace, NAFCU will gain nearly 100 members in 2015, which will represent a 12.5% gross new member gain.
"I don't know if 59 new members last year and 70 new members at this point this year is a lot, but I can tell you we're very pleased," Safady said.
The gain comes despite continued consolidation in the credit union industry. The NCUA reported 6,159 federally insured credit unions as of June 30, which marks a 4.2% decline from the second quarter of 2014. The NCUA said the rate of decline was consistent with longstanding financial institution trends.
Berger said 2015's growth marks one of the highest years for membership gains since 1998, when H.R. 1151 expanded field of membership for credit unions.
"Opening up our membership to all credit unions has exceeded the NAFCU board's expectations, as well as mine and my colleagues'," he said. "NAFCU staff continues to provide strong leadership and value with a clear focus on federal advocacy, education and compliance assistance. Our members are doing well, NAFCU is doing well and we're truly excited about 2016 and the opportunities for credit unions across the country."
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