Dan Mica, CEO of Daniel A. Mica, LLC (The DMA Group) and former Florida congressman, recently predicted over one million consumers will transfer their business from banks or other financial institutions to credit unions by year’s end. After 14 years at the helm of the Credit Union National Association (CUNA), Mr. Mica shared his insight and made five key predictions for the credit union movement as a special guest speaker at an event hosted by Tricorp Federal Credit Union in Conway, NH. Mr. Mica’s number one prediction is that credit unions will welcome one million new users by the end of the year, almost doubling the 650,000 users that have joined credit unions in response to Bank Transfer Day. Mica attributes this increase in membership to three factors: 1) dissatisfaction with the banks, 2) the economy, and 3) the current political climate in response to wealth disparity, bailouts, and other issues driving consumer disenfranchisement. Mr. Mica told the assembled group, “Credit unions are in a unique position given the current environment regarding major financial institutions. Credit unions should pursue this opportunity for growth with full vigor.”His other key predictions concerning the credit union industry include:
• By the end of 2011 or the first quarter of 2012, credit union assets will reach or exceed $1 trillion.
• In the next three years, credit union membership will grow from 93 million to 100 million.
• As soon as a director is confirmed for the CFPB, and can operate under full authority, it will quickly pursue regulation of payday lenders.
• Merchants will pursue credit card interchange regulation, similar to the Durbin amendment, on debit card interchange.
About Daniel A. Mica, LLC (The DMA Group)Dan Mica, former head of the Credit Union National Association (CUNA), established The DMA Group as a means to combine a myriad of experience into a one-stop consultancy. Elected in 1978 to represent Florida’s 11th district in the U.S. House of Representatives, Dan Mica served five terms before beginning what would become more than two decades of work in the world of non-profits and association management. The DMA Group is a full-service consulting firm, providing the highest level of integrity and service through established practices and decades of experience.