Membership in federally insured credit unions tops 101 million
Membership in federally insured credit unions grew to 101,084,138 at the end of the second quarter of 2015, an increase of more than three million from the end of the second quarter of 2014.
The number of federally insured credit unions fell to 6,159 at the end of the second quarter, 270 fewer than at the end of the second quarter of 2014, a decline of 4.2 percent. The decline is consistent with longstanding trends for financial institutions.
“Across America, there’s a growing recognition that credit unions offer solid value to their members,” NCUA Board Chairman Debbie Matz said. “More people see credit unions as an affordable financial services alternative. Credit unions continue to increase lending while taking steps to shed certain investments that would pose risk when interest rates inevitably begin to rise. All these trends are signs of a robust system.”
NCUA released the new figures Thursday based on Call Report data submitted to and compiled by the agency for the quarter ending June 30, 2015.
For more on these numbers, visit NCUA’s website.