WASHINGTON—NAFCU’s board of directors and senior staff met with Federal Reserve Board Governor Michelle Bowman this week to share the association's 2023 Annual Report on Credit Unions, which details the latest issues and trends affecting credit unions and the “impact of Fed actions.”
According to the report:
- Total credit union membership now exceeds 137 million, with membership growing 4.4% in 2022, versus a long-run average of roughly 2.5%
- NAFCU members noted that on average, 26% of total interchange income supports credit and debit rewards programs
- There are about 531 CDFI credit unions now, a rise of over 50% in two years, and credit unions represent more than one-third of all CDFIs
- 38% of NAFCU members are considering joining FedNow in a receive only capacity and 31% are considering joining with both send and receive capabilities
- The top tech investment area for NAFCU members was data analytics, followed by fraud prevention
- NAFCU members have reported that the area where they see the most competition is deposits, with large banks as the clear top competitor
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