Growth in credit union strength predicted

Credit unions are great short term lending avenues for members who need a loan at a reduced interest rate. Because of the state of the national economy in recent years, the popularity of credit unions has soared, a trend which industry experts predict will continue for decades. Former National Credit Union Association chairman Dennis Dollar told the Credit Union Times that due to mergers, he predicts the number of credit unions in 2030 will drop to 4,000. Dollar told the source, however, that for the same reason, each union will be comprised of more members and will be much stronger financially than today's unions. Nearly all of the viewpoints of industry experts predict a decrease in the number of credit unions in business in 2030, with some believing only 1,200 will be around in less than 20 years, though almost all believe the financial standings and reputations as influential institutions will be strong. COOP Financial Services CEO Stan Hollen told the news source that credit unions will probably benefit the economy by creating jobs, because as the membership for the unions grows, so will the need to outsource jobs. The NCUA claims that in December 2011, there were over 7,000 insured credit unions, with 91.8 million members. Amount of assets held by unions totaled over $961 billion.