Credit Union Membership (Q3-2023)

Written By Tyler Hart

Credit union membership grew again according to NCUA Q3-2023 call report data, this time by 0.79% overall. But that growth was not anywhere close to evenly distributed across different peer groups. This figure shows all peer groups’ membership over time:

Credit union membership over time by peer group (1-6)

Including peer group 6 blows out the scale; Eliminating peer group 6 from the plot paints a pretty bleak picture of membership numbers for group 1-5:

Credit union membership over time by peer group (1-5)

While peer group 6 membership grew by 1.02% between Q2 and Q3-2023, peer groups 1-5 fell by 0.23%. Omitting peer group 5 from the plot makes the downward trend in groups 1-4 easier to see:

Credit union membership over time by peer group (1-4)

Membership growth is concentrated almost exclusively in peer group 6 credit unions. Time will tell if smaller credit unions are able to retain and attract members.

Tyler Hart

Tyler Hart is a networking and security professional who started working in technology in 2002 with the US DoD and moved to the private sector in 2010. He holds a Business degree in IT Management, as well as the CISSP certification and others from Microsoft, CompTIA, Cisco, (ISC)2, Tenable Network Security, and more. For over 15 years he has worked and consulted with large and small organizations including hospitals and clinics, ISPs and WISPs, U.S. Defense organizations, and state and county governments.

https://www.manitonetworks.com
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