Growth of Credit Union Membership Sign of a ‘Cultural Shift'

05/30/2013
  • overview

Comment by Bill Cheney, President and CEO, Credit Union National Association (CUNA) on new figures released today by federal credit union regulator on growth of credit union membership in 1st Quarter ‘13.

Note: The National Credit Union Administration (NCUA), the federal regulator of credit unions, released figures today showing that credit union membership rose by record growth of more than 800,000 net new members in the first quarter 2013.

“We think these figures are evidence of a real cultural shift that is taking place. Not only do credit unions generally offer better rates and lower fees, they have powerful appeal in today’s environment where so many people are put off by big conglomerates and are turning instead to locally based, community-oriented businesses. Credit unions, as cooperatives owned by the people they serve, embody those traits, and consumers are flocking to them in huge numbers. Today new tools like our consumer web site, www.aSmarterChoice.org, make it easier than ever for consumers to find a credit union they can join.”

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