US credit unions serve 100 million members
27 Aug 14
Credit unions in the USA now serve 100 million members – equivalent to one in three Americans – according to figures published by America’s Credit Union National Association (CUNA).
Based on data collected from credit unions and published this month, CUNA estimates that American credit union membership passed the 100 million mark in June.
CUNA President and CEO Bill Hampel said: “Clearly, there is growing recognition for credit unions among consumers. They increasingly understand that a credit union places their interests above all else, particularly in returning financial benefits to consumer members in the forms of lower rates on loans, higher returns on savings, and lower and fewer fees.
“It’s the structure of credit unions – as not-for-profit, democratically led and co-operatively owned financial institutions– that allows credit unions to maintain this focus on returning financial benefits to members. In fact, by doing so, credit unions have earned the satisfaction and trust of their existing members – and are attracting even more.”
ABCUL Chief Executive Mark Lyonette said: “This is a tremendous achievement for the American credit union movement, and one that credit unions around the world will take pride in.
“As we mark fifty years of credit unions in Britain, which have grown to serve more than a million members and manage over £1 billion in assets, the outstanding success of the American credit union movement is an inspiring reminder of how much potential credit unions in this country have to serve more and more people from all walks of life.”
Data recently published by the World Council of Credit Unions showed that there are now 208 million credit union members across the globe.