The number of credit unions in the United States decreased notably between 2013 and 2024. At the end of 2024, there were 4,455 federally insured credit unions in the U.S., representing a significant decline from previous years. Despite this reduction in the number of institutions, the total assets managed by credit unions continued to grow. In 2024, U.S. credit unions' combined assets surpassed 2.31 trillion U.S. dollars, highlighting the sector's financial expansion even as consolidation reduced the count of individual organizations.

The value of loans granted by credit unions in the United States grew steadily between 2013 and 2024. As of 2024, the total loans outstanding amounted to 1.65 trillion U.S. dollars, an increase of 50 billion U.S. dollars compared to 2023.

Graph and download economic data for Credit Unions; Total Financial Assets, Transactions (BOGZ1FA474090005Q) from Q4 1946 to Q4 2024 about credit unions, transactions, assets, depository institutions, and USA.

The membership of federally insured credit unions in the United States grew consistently from 2013 to 2024. By the fourth quarter of 2024, approximately 142.3 million people were credit union members, an increase of three million since the end of 2023.

While the total number of credit unions in the United States declined from 2016 to 2024, the number of credit unions managing assets over one billion U.S. dollars grew. In 2016, there were 272 such credit unions, rising to 445 by the end of 2024. What is a credit union? Credit unions are member-owned and operated institutions that perform many of the same functions as banks. In recent years, their total asset value has grown steadily, making them a notable part of the country’s banking sector. However, their relatively small size presents two key disadvantages related to economies of scale: limited investment funds and fewer legal resources. Unlike major commercial banks with dedicated legal divisions, credit unions must navigate complex regulations with much smaller teams. Economies of scope While economies of scale often pose challenges for credit unions, economies of scope work to their advantage. Being rooted in smaller communities allows them to tailor products and services to local needs, fostering strong member loyalty and keeping millions of people banking with them.

Graph and download economic data for Credit Unions; Total Time and Savings Deposits, Excluding Corporate Credit Unions; Asset, Transactions (BOGZ1FU473030000Q) from Q4 1946 to Q4 2024 about credit unions, savings, transactions, deposits, assets, depository institutions, and USA.

Credit unions have experienced growth in recent years, stemming from increased membership and elevated interest rates throughout the period. The industry experienced improving macroeconomic conditions over the past five years, credit unions benefitted from increased consumer borrowing. Although at the onset of the period the industry was negatively impacted by economic volatility. Economic uncertainty led consumers to limit spending, while interest rates declined because the Federal Reserve lowered the Federal Funds Rate to the zero-bound range. Revenue climbed marginally by 0.2% in 2020. However, as the Federal Reserve raised interest rates in an attempt to curb inflation in 2022, industry revenue benefited. The industry experienced greater interest income demand although loan volumes were limited. However, in the latter part of the period the Fed slashed interest rates as inflationary pressures eased, hindering interest income but boosting loan demand volumes. Overall, industry revenue swelled at a CAGR of 2.1% to $113.1 billion over the past five years, including a 1.6% jump in 2025 alone. Industry profit has also climbed due to greater interest income revenue and will comprise 19.9% of revenue in 2025. Changes in the regulatory environment have and will continue to shape the direction of this industry. Greater demand for credit unions increases their systemic importance to the overall economy. These intermediaries are federally insured, so any liquidity crisis requiring federal intervention would burden taxpayers. Legislation dictating stricter capital requirements has been passed under the National Credit Union Association's Risk-Based Capital Final Rule despite lobbying and opposition. Despite an intensified regulatory landscape, industry revenue is expected to expand at a CAGR of 0.8% to $118.0 billion over the five years to 2030. As the economy settles back to normal, consumer borrowing activity is expected to mount. The industry is also likely to endure greater competition from commercial banks, as their improving customer satisfaction threatens credit union membership. Despite this challenge, credit unions are expected to continue to receive strong demand for mortgages as the rate of a 30-year conventional mortgage is expected to decline over the next five years.

Graph and download economic data for Credit Unions; Total Financial Assets, Level (BOGZ1FL474090005A) from 1945 to 2023 about credit unions, assets, depository institutions, and USA.

Expert industry market research on the Credit Unions in the US (2002-2031). Make better business decisions, faster with IBISWorld's industry market research reports, statistics, analysis, data, trends and forecasts.

In the last quarter of 2024, Navy Federal Credit Union remained the largest credit union in the United States by membership, with approximately 14.27 million members. It was followed by State Employees' Credit Union with around 2.85 million members, while Pentagon Credit Union ranked third with 2.83 million members.

United States Assets: Flow: DIL: Credit Unions data was reported at 1.435 USD bn in Mar 2018. This records an increase from the previous number of 0.622 USD bn for Dec 2017. United States Assets: Flow: DIL: Credit Unions data is updated quarterly, averaging 0.000 USD bn from Dec 1951 (Median) to Mar 2018, with 266 observations. The data reached an all-time high of 9.744 USD bn in Sep 2016 and a record low of -5.726 USD bn in Jun 2016. United States Assets: Flow: DIL: Credit Unions data remains active status in CEIC and is reported by Federal Reserve Board. The data is categorized under Global Database’s USA – Table US.AB050: Funds by Instruments: Flows and Outstanding: Depository Institution Loans Not Elsewhere Classified.

Morris Sheppard Texarkana was the largest credit union in the United States in terms of total loans in the first quarter of 2024, amounting to over 125 billion U.S. dollars. This amount was more than three times higher than New Orleans Firemen's, the second-largest credit union. Following closely, Franklin Trust Federal Credit Union came third with over 28 billion U.S. dollars.

United States NCUA: Federal: Assets: Inv: Other Inv in Corporate Credit Unions data was reported at 977,112.231 USD th in Mar 2018. This records an increase from the previous number of 835,459.180 USD th for Dec 2017. United States NCUA: Federal: Assets: Inv: Other Inv in Corporate Credit Unions data is updated quarterly, averaging 3,244,339.288 USD th from Mar 2005 (Median) to Mar 2018, with 53 observations. The data reached an all-time high of 19,003,606.727 USD th in Jun 2009 and a record low of 682,168.845 USD th in Dec 2015. United States NCUA: Federal: Assets: Inv: Other Inv in Corporate Credit Unions data remains active status in CEIC and is reported by National Credit Union Administration. The data is categorized under Global Database’s USA – Table US.KB018: Financial Data: National Credit Union Administration: Federal Institutions.

United States NCUA: Federal: Assets: Inv: Total MCSD & PIC in Corp Credit Unions data was reported at 611,574.878 USD th in Jun 2018. This records an increase from the previous number of 608,954.938 USD th for Mar 2018. United States NCUA: Federal: Assets: Inv: Total MCSD & PIC in Corp Credit Unions data is updated quarterly, averaging 727,443.302 USD th from Mar 2005 (Median) to Jun 2018, with 54 observations. The data reached an all-time high of 1,853,538.123 USD th in Mar 2008 and a record low of 467,372.899 USD th in Sep 2010. United States NCUA: Federal: Assets: Inv: Total MCSD & PIC in Corp Credit Unions data remains active status in CEIC and is reported by National Credit Union Administration. The data is categorized under Global Database’s United States – Table US.KB045: Financial Data: National Credit Union Administration: Federal Institutions.

United States - Total Revenue for Credit Unions, Establishments Subject to Federal Income Tax, Employer Firms was 95726.00000 Mil. of $ in January of 2022, according to the United States Federal Reserve. Historically, United States - Total Revenue for Credit Unions, Establishments Subject to Federal Income Tax, Employer Firms reached a record high of 95726.00000 in January of 2022 and a record low of 47532.00000 in January of 2011. Trading Economics provides the current actual value, an historical data chart and related indicators for United States - Total Revenue for Credit Unions, Establishments Subject to Federal Income Tax, Employer Firms - last updated from the United States Federal Reserve on March of 2025.

Significant scale economies have been recently cited to rationalize a dramatic growth in the US retail credit union sector over the past few decades. In this paper, we explore another plausible supply-side explanation for the growth of the industry, namely economies of diversification. We focus on the fact that credit unions differ among themselves in the range of financial services they offer to their members. Since larger credit unions tend to offer a more diversified financial service menu than credit unions of a smaller size, the incentive to grow in size may be fueled not only by present scale economies but also by economies of diversification. This paper provides the first robust estimates of such economies of diversification for the credit union sector. We estimate a flexible semiparametric smooth coefficient quantile panel data model with correlated effects that is capable of accommodating a four-way heterogeneity among credit unions. Our results indicate the presence of non-negligible economies of diversification in the industry. We find that as many as 27-91% (depending on the type and the cost quantile) of diversified credit unions enjoy substantial economies of diversification; the cost of most remaining credit unions is invariant to the scope of services. We also find overwhelming evidence of increasing returns to scale in the industry.

United States - Credit Unions; Interbank Transactions Due from U.S. Depository Institutions; Asset, Level was 44125.00000 Mil. of $ in October of 2024, according to the United States Federal Reserve. Historically, United States - Credit Unions; Interbank Transactions Due from U.S. Depository Institutions; Asset, Level reached a record high of 83593.00000 in January of 2008 and a record low of 184.00000 in October of 1945. Trading Economics provides the current actual value, an historical data chart and related indicators for United States - Credit Unions; Interbank Transactions Due from U.S. Depository Institutions; Asset, Level - last updated from the United States Federal Reserve on March of 2025.

United States Assets: Flow: Credit Unions (CU) data was reported at 61.615 USD bn in Mar 2018. This records an increase from the previous number of 14.439 USD bn for Dec 2017. United States Assets: Flow: Credit Unions (CU) data is updated quarterly, averaging 1.502 USD bn from Dec 1951 (Median) to Mar 2018, with 266 observations. The data reached an all-time high of 61.615 USD bn in Mar 2018 and a record low of -10.800 USD bn in Jun 2012. United States Assets: Flow: Credit Unions (CU) data remains active status in CEIC and is reported by Federal Reserve Board. The data is categorized under Global Database’s USA – Table US.AB017: Funds by Sector: Flows and Outstanding: Credit Unions.

United States Consumer Credit Outstanding: Credit Unions: Revolving data was reported at 59.919 USD bn in Sep 2018. This records an increase from the previous number of 59.772 USD bn for Aug 2018. United States Consumer Credit Outstanding: Credit Unions: Revolving data is updated monthly, averaging 14.580 USD bn from Jan 1973 (Median) to Sep 2018, with 549 observations. The data reached an all-time high of 59.919 USD bn in Sep 2018 and a record low of 0.000 USD bn in Dec 1983. United States Consumer Credit Outstanding: Credit Unions: Revolving data remains active status in CEIC and is reported by Federal Reserve Board. The data is categorized under Global Database’s United States – Table US.KB003: Consumer Credit Outstanding and Terms of Credit. On June 7, 2012, the Consumer Credit (G.19) series has been restructured to reflect regulatory filing changes for U.S.-chartered depository institutions. These changes will be accompanied by the revisions to the estimates of outstanding consumer credit back to January 2006.

Graph and download economic data for Credit Unions; Total Time and Savings Deposits; Asset, Level (BOGZ1FL473030005Q) from Q4 1945 to Q4 2024 about credit unions, savings, deposits, assets, depository institutions, and USA.