Credit unions in the United States - statistics & facts
Credit unions, not-for-profit financial institutions owned and controlled by their members, play a significant role in the financial landscape. Similar to banks, credit unions provide loans and hold deposits, but they offer generally lower fees, higher interest rates, and a unique member-driven governance structure.
Historically restricted to specific groups, credit unions have loosened these limitations, making membership accessible to broader populations. This inclusivity, coupled with their attractive financial benefits, has led to a steady increase in membership, surpassing 139 million in 2023, even as the number of credit unions in the United States has decreased.
Credit unions remain a vital part of the U.S. financial system, offering competitive financial products and services while maintaining a member-centric approach. Their ability to grow in assets and membership despite a declining number of institutions illustrates their enduring appeal and importance in the financial landscape..
Historically restricted to specific groups, credit unions have loosened these limitations, making membership accessible to broader populations. This inclusivity, coupled with their attractive financial benefits, has led to a steady increase in membership, surpassing 139 million in 2023, even as the number of credit unions in the United States has decreased.
Which is the largest credit union in the United States?
There were over 4,600 credit unions in the U.S. in 2023. The largest one among them was Navy Federal Credit Union, which not only had the highest amount of total assets, but also the highest number of members and customer deposits. Navy Federal was founded in 1933 as the credit union for the employees of the Navy Department of the District of Columbia. Today, the credit union is open to all employees of all branches of the military, veterans, and Department of Defense employees, as well as their family members. The leading credit union's total assets grew continuously in recent years, reaching 170 billion U.S. dollars in 2023.The size of U.S. credit unions
Credit unions play an important role for consumer banking in the United States, as around one-third of the country’s population has a credit union membership. The number of credit unions decreased each year since 2013, but the total assets of credit unions increased annually during the same period. This can be explained by the growing number of credit unions that manage assets worth over one billion U.S. dollars. The value of credit union assets was around 2.3 trillion U.S. dollars at the end of 2023.Credit unions remain a vital part of the U.S. financial system, offering competitive financial products and services while maintaining a member-centric approach. Their ability to grow in assets and membership despite a declining number of institutions illustrates their enduring appeal and importance in the financial landscape..
