Key measures of credit union health continued in a positive direction in August as loans and memberships grew, and delinquency rates declined, according to a CUNA Mutual Group report released Oct. 31.
Credit unions had 108.1 million members at the end of August, up 4.2 million members in the past year, including 526,000 new members from July to August. The annual 4% growth rate is the highest in credit union history, according to CUNA Mutual's "Credit Union Trends Report."
"Membership growth is being driven by strong job gains and Americans' demand for credit," the report said. Another factor drawing members are higher monthly fees being charged by banks to make up for Dodd-Frank Act caps on debit card fees.
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