Mica: Expect CU Membership Growth to Continue (Misc News: November 9, 2011)
The former president and CEO of CUNA predicted that more than 1 million consumers will transfer their accounts to credit unions by the end of the year.
Speaking at an event hosted by Tricorp FCU in Conway, N.H., Dan Mica, now CEO of The DMA Group, added that the growth wouldn’t stop this year. He said that credit union membership would grow from the current 93 million to 100 million within 3 years.
"Credit unions are in a unique position given the current environment regarding major financial institutions,” Mica said, according to a PR Newswire release. “Credit unions should pursue this opportunity for growth with full vigor."
Mica attributes this increase in membership to three factors: 1) dissatisfaction with the banks, 2) the economy, and 3) the current political climate in response to wealth disparity, bailouts, and other issues driving consumer disenfranchisement.
He also said:
- As soon as a director is confirmed for the CFPB, and can operate under full authority, it will quickly pursue regulation of payday lenders.
- Merchants will pursue credit card interchange regulation, similar to the Durbin amendment, on debit card interchange.
Many pundits have said that credit card interchange regulation would be a nonstarter on Capitol Hill because members of Congress were not interested in another bruising battle such as the recent fight to repeal the Durbin amendment.
Mica, a former five-term congressman from Florida, served as president of CUNA for 14 years. His new firm, which he started in July, provides advice on government relations, credit union operations and related topics.