Lansing, MI (April 28, 2025) |
The National Credit Union Administration’s (NCUA) Q4 2024 data reflects continued stability for Michigan’s credit unions amid evolving economic conditions. While general economic uncertainty presents challenges, Michigan credit unions closed the year with steady asset, loan and membership growth and a strong net worth position.
Total credit union memberships in Michigan grew by 0.9% in 2024, reaching 6.05 million members, a slight uptick from previous quarters. Although membership growth remains modest compared to the national rate of 2.2%, Michigan credit unions have consistently maintained membership gains through a challenging financial landscape. Michigan credit union loan portfolios grew by 3.7% in 2024, maintaining pace from Q3 and outpacing the Q4 national average of 2.6%.
According to the America’s Credit Unions' data, Michigan credit unions returned approximately $1.9 billion in direct financial benefits in 2024, including better rates, lower fees and higher dividends compared to banking institutions.
"The NCUA’s latest data shows that Michigan’s credit unions remain strong, with solid growth in assets, loans, and net worth even amid a mixed economic environment," said Michigan Credit Union League (MCUL) President/CEO Patty Corkery. "While today’s outlook carries uncertainty, our credit unions are financially sound, well-positioned to support their members and, as NCUA Chairman Kyle Hauptman has suggested, preparing for a variety of interest rate scenarios and economic conditions."
Find the complete NCUA Q4 2024 Call Report here.