WASHINGTON-The surge in new members at credit unions should lead to even more lending in 2013, according to one analysis.
During 2012 membership growth at credit unions has increased four times that of the 2011 rate, with 2.6 million new members over the past 12 months, reported Callahan & Associates. In addition, credit union members have opened 3.4 million new checking accounts in the same 12-month period, more than double the rate posted last year, the company said.
Based on the growth of the industry in the third quarter of 2012, Callahan is projecting lending will continue to rise throughout 2013 as credit unions identify new ways to meet their members' needs in areas such as mortgage and student lending.
During a recent call hosted by Callahan some 56% of the respondents indicated they expect lending to increase in 2013.
