U.S. credit unions held $2.36 trillion in total assets in Q2 2024, up 1.2% from Q1 2024. Membership reached 136.5 million, even as the number of credit unions declined to 4,500 in 2023. Loan delinquency stayed low at 0.87% in Q2 2024 while jumbo CD rates hit 5.10% APY.
Key Takeaways
- As of Q2 2024, U.S. credit unions held $2.36 trillion in total assets, marking a 1.2% increase from Q1 2024.
- Credit union assets grew by 8.5% year-over-year in 2023, reaching $2.2 trillion.
- Total deposits at federally insured credit unions reached $1.88 trillion as of December 2023: June 2026.
- Credit unions' average return on average assets (ROAA) was 71 basis points in 2023.
- Net income for credit unions totaled $19.2 billion in 2023.
- Average net worth ratio stood at 10.65% for federally insured credit unions in Q4 2023.
- Number of credit union branches totaled 19,700 in Q2 2024.
- Credit unions' share of total U.S. financial institution deposits was 11.5% in 2023.
- 72% of credit unions reported increased digital banking adoption in 2023.
- Total loans and leases at credit unions reached $1.24 trillion in Q2 2024.
- First mortgage loans grew 2.6% to $611.6 billion in 2023.
- Credit card loans at credit unions increased 7.4% to $122.4 billion by end-2023.
- Credit union membership reached 136.5 million members as of Q2 2024.
- Number of credit unions declined to 4,500 in 2023 from 4,706 in 2022.
- Average credit union membership per institution was 30,300 members in 2023.
U.S. credit unions held $2.36 trillion in assets in Q2 2024, continuing steady growth despite slowing deposit growth.
Related reading
01 · Category
Assets and Deposits18 stats
01
As of Q2 2024, U.S. credit unions held $2.36 trillion in total assets, marking a 1.2% increase from Q1 2024.
02
Credit union assets grew by 8.5% year-over-year in 2023, reaching $2.2 trillion.
03
Total deposits at federally insured credit unions reached $1.88 trillion as of December 2023: June 2026.
04
Share drafts (checking accounts) at credit unions increased 5.1% to $112.4 billion in Q4 2023.
05
Regular share accounts at credit unions totaled $1.03 trillion, up 3.2% year-over-year in 2023.
06
Money market accounts at credit unions grew 12.4% to $614.2 billion by end of 2023.
07
Credit union certificates of deposit reached $530.9 billion, up 18.7% in 2023.
08
IRA/Keogh accounts at credit unions totaled $128.6 billion as of Q4 2023.
09
Total shares and deposits grew 7.2% to $1.85 trillion in 2023 for U.S. credit unions.
10
Non-transactional shares at credit unions increased 9.8% year-over-year in Q2 2024.
11
As of June 2024: June 2026, credit union savings rates averaged 0.45% APY for basic accounts.
12
Jumbo CD rates at credit unions hit 5.10% APY in Q2 2024.
13
Total credit union assets per member averaged $17,300in Q2 2024.
14
Deposits per member at credit unions stood at $13,800in 2023.
15
Total assets under management in CUSOs reached $15 billion in 2023.
16
Deposits growth slowed to 4.2% YoY in Q2 2024 for credit unions.
17
Average assets per credit union: $525 million in 2023.
18
Share certificates growth: 22% YoY in Q1 2024.
Interpretation
Assets and Deposits Interpretation
The credit union industry is bulking up on a steady diet of member deposits, with trillions flowing into everything from high-yield certificates to checking accounts, proving that when banks get greedy, people get member-owned.
02 · Category
Financial Performance20 stats
01
Credit unions' average return on average assets (ROAA) was 71 basis points in 2023.
02
Net income for credit unions totaled $19.2 billion in 2023.
03
Average net worth ratio stood at 10.65% for federally insured credit unions in Q4 2023.
04
Loan loss provisions were $2.1 billion in 2023, up 25% from 2022.
05
Operating expenses as a percent of average assets were 2.81% in 2023.
06
Average yield on loans was 5.12% in Q4 2023.
07
Cost of funds averaged 2.45% for credit unions in 2023.
08
Dividends and interest expense grew 32.4% to $42.6 billion in 2023.
09
Efficiency ratio for credit unions averaged 68.2% in 2023.
10
Net charge-offs for credit unions were 0.45% of average loans in 2023.
11
Credit union ROE averaged 6.8% in 2023.
12
45% of credit unions reported profitability above industry average in 2023.
13
Credit union net interest margin averaged 3.12% in Q1 2024.
14
Credit unions' capital adequacy ratio averaged 12.1% in 2023.
15
Credit union dividend payout ratio averaged 45% of net income in 2023.
16
Net worth growth rate: 7.8% for credit unions in 2023.
17
Credit unions' provision for loan losses: 0.62% of loans in 2023.
18
Expense ratio: 72 bps for top-performing credit unions in 2023.
19
Liquidity ratio averaged 15.2% for credit unions Q2 2024.
20
Non-interest income grew 9.1% to $28B in 2023.
Interpretation
Financial Performance Interpretation
While the credit union industry shows robust health with solid capital and a respectable net interest margin, it's also walking a tightrope where growing expenses and loan loss provisions are testing its efficiency like a stern but fair accountant reviewing a particularly enthusiastic club treasurer's books.
03 · Category
Industry Trends and Operations21 stats
01
Number of credit union branches totaled 19,700 in Q2 2024.
02
Credit unions' share of total U.S. financial institution deposits was 11.5% in 2023.
03
72% of credit unions reported increased digital banking adoption in 2023.
04
Average credit union ATM count was 1,200 per large CU in 2023.
05
Cyberattack incidents on credit unions rose 18% in 2023.
06
85% of credit unions offer mobile banking apps as of 2024.
07
Shared branching transactions exceeded 40 million in 2023.
08
Credit unions' market share of auto loans was 29% in 2023.
09
Employee turnover rate at credit unions averaged 15.2% in 2023.
10
61% of credit unions plan to expand fintech partnerships in 2024.
11
Credit unions captured 1.3% market share in credit cards in 2023.
12
Digital transactions accounted for 89% of all credit union transactions in 2023.
13
92% of credit unions offer buy-now-pay-later options in 2024.
14
Average credit union employee salary increased 4.7% to $68,200 in 2023.
15
Mobile app download growth for credit unions was 14% in 2023.
16
67% of credit unions expanded branchless services in 2023.
17
78% of credit unions use AI for fraud detection in 2024.
18
Branch closures at credit unions: 150 in 2023.
19
Open banking adoption: 55% of credit unions in 2024.
20
Total CUSO revenues: $22B in 2023.
21
Digital wallet usage: 65% of members in 2023.
Interpretation
Industry Trends and Operations Interpretation
While proudly boasting a robust physical network and surging digital engagement, credit unions are navigating the treacherous waters of fierce deposit competition, relentless cyber threats, and a labor market squeeze—all while trying to outmaneuver megabanks with fintech partnerships and a member-centric touch.
More related reading
04 · Category
Loans20 stats
01
Total loans and leases at credit unions reached $1.24 trillion in Q2 2024.
02
First mortgage loans grew 2.6% to $611.6 billion in 2023.
03
Credit card loans at credit unions increased 7.4% to $122.4 billion by end-2023.
04
Auto loans outstanding totaled $215.6 billion, up 1.8% in Q4 2023.
05
Commercial loans at credit unions surged 15.2% to $85.3 billion in 2023.
06
Unsecured loans grew 8.9% year-over-year to $45.2 billion in 2023.
07
New auto loans originated $62.4 billion in 2023, up 4.1%.
08
HELOCs at credit unions totaled $32.1 billion as of December 2023: June 2026.
09
Loan-to-deposit ratio for credit unions was 67.2% in Q4 2023.
10
Delinquency rate on loans was 0.87% in Q2 2024.
11
Credit union loan delinquencies averaged 0.92% in Q1 2024.
12
Loans per member averaged $9,100across U.S. credit unions in 2023.
13
Average first mortgage balance per borrower was $185,000in 2023.
14
Credit unions' share of small business loans grew to 8.2% in 2023.
15
Auto loan market share for credit unions was 32% for new vehicles in 2023.
16
Total commercial real estate loans at credit unions: $120B in Q2 2024.
17
Credit card delinquency rate at 1.45% in Q1 2024 for credit unions.
18
Student loan portfolios at credit unions: $18B in 2023.
19
Mortgage loan approvals at credit unions up 6% in 2023.
20
Auto refinancings at credit unions: 1.2M in 2023.
Interpretation
Loans Interpretation
Credit unions are quietly building a financial fortress, with a trillion-dollar loan book that’s growing in all the right places—from mortgages and auto loans to commercial lending—while keeping delinquency rates impressively low, proving that steady, member-focused growth is a recipe for serious strength.
05 · Category
Membership and Growth16 stats
01
Credit union membership reached 136.5 million members as of Q2 2024.
02
Number of credit unions declined to 4,500 in 2023 from 4,706 in 2022.
03
Average credit union membership per institution was 30,300 members in 2023.
04
Credit unions added 2.1 million new members in 2023.
05
Penetration rate of credit unions among U.S. population was 42% in 2023.
06
Large credit unions (over $1B assets) serve 88% of total membership.
07
Membership growth rate was 1.6% year-over-year in Q4 2023.
08
Total potential membership for credit unions exceeded 500 million via select employee groups.
09
Credit union membership share of U.S. households rose to 36.2% in 2023.
10
Number of multi-campus credit union branches increased 2.3% in 2023.
11
Membership penetration in Gen Z demographics reached 28% in 2023.
12
Credit unions over $1B assets grew membership by 2.5% in 2023.
13
Membership growth in underserved areas was 3.1% for credit unions in 2023.
14
Hispanic membership growth: 5.2% in credit unions 2023.
15
Youth membership accounts grew 12% in 2023.
16
34% of credit unions merged in past 5 years (2019-2023).
Interpretation
Membership and Growth Interpretation
While credit unions are consolidating at a pace that would make a high school clique blush, they're simultaneously and impressively growing their ranks by millions, proving that sometimes you have to shrink the herd to better serve the flock.
Reference
Cite This Report
This report is designed to be cited. We maintain stable URLs and versioned verification dates. Copy the format appropriate for your publication below.
APA
Margot Villeneuve. (2026, February 27). Credit Union Industry Statistics. Gitnux. https://gitnux.org/credit-union-industry-statistics
MLA
Margot Villeneuve. "Credit Union Industry Statistics." Gitnux, 27 Feb 2026, https://gitnux.org/credit-union-industry-statistics.
Chicago
Margot Villeneuve. 2026. "Credit Union Industry Statistics." Gitnux. https://gitnux.org/credit-union-industry-statistics.
Sources & references
37 datasets cited across this report · attribution is report-level