Credit union membership growth increased in 2014 at the highest rate since 1994, according to CUNA data.
Membership at credit unions jumped by 3.6% in 2014. In 1994, the number of memberships climbed 3.7%.
In the year ending Sept. 30, 2014, the NCUA reported that membership expanded at credit unions with assets of more than $500 million but the median membership growth rate was negative 0.4%, which was the same rate as the year before.
According to the NCUA, 54% of credit unions had fewer members at the end of the third quarter of 2014 than the prior year.
CUNA said credit union loans outstanding grew by 10.2% in 2014, representing the largest increase since 2005 at 10.7%.
Meanwhile, credit unions' new and used auto loan portfolios increased above 2013's levels to 20.7% and 12.1% respectively in 2014.
"Credit unions truly had a banner year, as 2014 marked a time that credit unions experienced exceptional growth, something that hasn't been seen in two decades," CUNA President/CEO Jim Nussle said. "I'm proud of the credit union movement, its growing membership–from 100 million in August to 102 million to close out the year–and the fact that more Americans are choosing credit unions as their best financial partner."
According to CUNA, fixed-mortgage loans posted gains of 6.7%, adjustable-mortgage (14.1%) and home-equity loans (7.2%).
"Against the backdrop of better economic conditions–positive output growth, rising personal income, falling unemployment and increasing consumer confidence–competitive rates will ensure more lending at credit unions in 2015," Perc Pineda, CUNA senior economist, said.
CUNA's baseline forecast calls for loan portfolios to jump 11% this year, eclipsing 2014 results, according to Pineda.
© 2025 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
