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Survey Shows CU Growth Faster Than Other FIs
Friday, August 5, 2016 6:40 AM

Credit union membership is growing much faster than other financial institutions, according to a just-released TransUnion study.

TransUnion reported that during the first quarter of the year, credit union membership grew at more than three times the credit activity at other financial institutions. Credit unions experienced a year-over-year growth rate of 6.35 percent at the beginning of the year, while industry credit-active consumers grew at 1.86 percent.

Some of that growth may be attributed to millennials. In the first quarter of the year, 25 percent of all credit union members were millennials, compared with 20 percent in the first quarter of 2013. Millennial growth at non-credit union financial institutions was slower—25 percent in the first quarter of the year, compared with 23 percent in the first quarter of 2013.

“Credit unions are growing much faster than the industry,” said Nidhi Verma, senior director of research and consulting for TransUnion.

Membership growth decreases to 3.7 percent in April, while share growth rises to 7.1 percent.