MADISON, Wis.–Credit unions added more than 1.5 million new members during the third quarter of 2015, the fastest growth quarter in credit union history and significantly above the 808,000 added in the third quarter of 2014, according to CUNA Mutual’s latest Trends Report
Surging demand for credit was the major driver for the upwelling in membership, said CUNA Mutual Group. Credit union loan balances increased $26.2 billion in the third quarter, above the $22.1 billion in the third quarter of 2014. Also driving membership gains was the 513,000 new jobs added to the U.S. economy in the third quarter. Credit union memberships rose 477,000 in September, or 0.46%, much better than the 297,000 new members, or 0.30%, added in September 2014, the company said in its analysis.
Credit union memberships grew at a 5% seasonally-adjusted annualized growth rate in September – the fastest pace in 25 years.