Member Growth Slows
MADISON, Wis.-Membership growth slowed among credit unions to a nine-year low, even as assets were burgeoning by a healthy 11.5%, according to CUNA. Credit unions added about 1.7 million new memberships in 2002, the fewest since 1993. The 2.1% growth rate for memberships was also the lowest in a decade. At the same time, credit unions grew to $574 billion in assets at year-end and $499 billion in savings, also an 11.2% growth rate. Loans grew by 7.5% last year. The number of credit unions in the U.S. continued to decline last year with 317 credit unions disappearing through merger or liquidation, leaving 10,039 at year-end.
Insurance Bill Returns
WASHINGTON-A deposit insurance reform bill introduced last week looks a great deal like that which was offered in the last Congress. The bill would increase coverage limits for individual accounts to $130,000 (and index future limits to inflation), doubles coverage limits for certain types of IRAs and 401(k)s; merges the BIF and SAIF funds, and more.
SAN DIEGO-The Westin Horton Plaza, host to The Credit Union Journal's upcoming SEG & Business Development Conference, has sold out its room block, but rooms remain available at the Sheraton Hotel located adjacent to the Westin. The popular, two-day meeting, scheduled for March 10-11, is focused on strategies for recruiting new members. For info, see page 3 or visit www.cujournal.com.