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NCUA Q3 2023 Data: Michigan Memberships Cross 6 Million

According to the National Credit Union Administration (NCUA), national credit union’s third-quarter financial results reflected healthy (but lower) earnings, solid (but slowing) membership growth, modestly lower loan growth and a decline in savings balances.

National credit union memberships increased by 0.8% in the quarter and by 3.3% year-over-year. In contrast, the Bureau of Economic Analysis estimates the U.S. population grew by 0.2% in the quarter.

Michigan memberships grew by 0.6% in Q3 and 1.2% in the year ending in September. Total state memberships now stand at slightly above 6 million.

Q3 membership growth by region (for trailing 12 months):

Michigan credit union loan portfolios increased by 11.3%, year-over-year, which is above the national rate of 9%.

Q3 loan growth by type (for trailing 12 months):

Loan growth by region (for trailing 12 months):

America’s Credit Unions’ (ACU) Q3 Member Benefits Report for 2023 shows that Michigan credit unions contributed a total of $762 million in direct financial benefits to Michigan’s 6 million members over the previous twelve months.

These benefits translate to $128 per member or $268 per household. These figures are calculated based on average savings differences between credit union and bank pricing. They result from financial benefits, such as higher CD rates and fee-free checking, as well as lower rates and fees on products like home and auto loans.

That means, according to ACU, credit union members financing a $25,000 vehicle for five years will save an average of $88 per year in interest when compared to banking institutions.

“What sticks out to me about the NCUA’s Q3 data is not only are national and state credit unions continuing steady loan growth, but that memberships are rising at a faster pace than the population,” said Michigan Credit Union League President/CEO Patty Corkery. “Through smart financial services and lower rates and fees, reflected in the $762 million in direct financial benefits, Michigan credit unions have earned their status as trusted partners to six million members and growing.”

Find the complete Q3 2023 NCUA Call Report Data here.

You can also find more Q3 data on Michigan credit unions’ low rates and high dividends in ACU’s Q3 Member Benefits Report.

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