Credit Unions Welcome 4.7M New Members

As the movement adds members, relationships and market share also increase.

 
 

Member relationships at credit unions are stronger than ever. Memberships at year-end have accelerated since 2010. In 2017, 4.7 million members joined the movement — that’s a 4.3% increase over 2016.

MEMBERSHIP AND ANNUAL GROWTH

FOR U.S. CREDIT UNIONS | DATA AS OF 12.31.17

Source: Callahan & Associates.

Credit union members held 2.48 accounts on average as of Dec. 31, 2017. That’s an increase of 2 basis points over year-end 2016. The industry’s average member relationship, or the average sum of loans (less business and commercial loans) and deposits per member, increased 3.3% year-over-year to reach $18,308 at year-end 2017.

Regionally, Western credit unions led the nation in annual membership growth. Credit unions in Alaska, Arizona, California, Guam, Hawaii, Idaho, Nevada, Oregon, Utah, and Washington increased their rosters 6.4%. The lion’s share of those new members joined credit unions with assets that topped $1 billion.

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As the average member relationship at credit unions has increased, so, too, has credit union market share in several areas.

According to Experian Automotive, credit unions increased their share of the auto finance market 1.2 percentage points from Dec. 31, 2016, to Dec. 31, 207. At 19.2%, credit unions captured nearly one-fifth of the auto market.

REVOLVING CONSUMER LOAN BALANCES AND CU MARKET SHARE

FOR U.S. CREDIT UNIONS | DATA AS OF 12.31.17

Source: Callahan & Associates.

Additionally, credit unions originated 8.2% of first mortgages, according to the Mortgage Bankers Association. That’s up 60 basis points annually.

NON-REVOLVING CONSUMER LOAN BALANCES AND CU MARKET SHARE

FOR U.S CREDIT UNIONS | DATA AS OF 12.31.17

Source: Callahan & Associates.

And according to data from the Federal Reserve, credit union market share for both non-revolving and revolving loans was up 80 basis points to 13% and 10 basis points to 5.6%, respectively, as of year-end.

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March 5, 2018


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