While massive banks grab headlines, America's credit unions quietly reached a staggering $2.36 trillion in assets in 2024, proving that a member-owned model isn't just surviving—it's thriving with growing membership, surging deposits, and impressive financial strength.
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.
- 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.
- 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 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.
Credit unions are growing steadily with more assets and members despite fewer institutions.
Assets and Deposits
1As of Q2 2024, U.S. credit unions held $2.36 trillion in total assets, marking a 1.2% increase from Q1 2024.
Verified2Credit union assets grew by 8.5% year-over-year in 2023, reaching $2.2 trillion.
Verified3Total deposits at federally insured credit unions reached $1.88 trillion as of December 2023.
Verified4Share drafts (checking accounts) at credit unions increased 5.1% to $112.4 billion in Q4 2023.
Directional5Regular share accounts at credit unions totaled $1.03 trillion, up 3.2% year-over-year in 2023.
Single source6Money market accounts at credit unions grew 12.4% to $614.2 billion by end of 2023.
Verified7Credit union certificates of deposit reached $530.9 billion, up 18.7% in 2023.
Verified8IRA/Keogh accounts at credit unions totaled $128.6 billion as of Q4 2023.
Verified9Total shares and deposits grew 7.2% to $1.85 trillion in 2023 for U.S. credit unions.
Directional10Non-transactional shares at credit unions increased 9.8% year-over-year in Q2 2024.
Single source11As of June 2024, credit union savings rates averaged 0.45% APY for basic accounts.
Verified12Jumbo CD rates at credit unions hit 5.10% APY in Q2 2024.
Verified13Total credit union assets per member averaged $17,300 in Q2 2024.
Verified14Deposits per member at credit unions stood at $13,800 in 2023.
Directional15Total assets under management in CUSOs reached $15 billion in 2023.
Single source16Deposits growth slowed to 4.2% YoY in Q2 2024 for credit unions.
Verified17Average assets per credit union: $525 million in 2023.
Verified18Share certificates growth: 22% YoY in Q1 2024.
VerifiedAssets 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.
Financial Performance
1Credit unions' average return on average assets (ROAA) was 71 basis points in 2023.
Verified2Net income for credit unions totaled $19.2 billion in 2023.
Verified3Average net worth ratio stood at 10.65% for federally insured credit unions in Q4 2023.
Verified4Loan loss provisions were $2.1 billion in 2023, up 25% from 2022.
Directional5Operating expenses as a percent of average assets were 2.81% in 2023.
Single source6Average yield on loans was 5.12% in Q4 2023.
Verified7Cost of funds averaged 2.45% for credit unions in 2023.
Verified8Dividends and interest expense grew 32.4% to $42.6 billion in 2023.
Verified9Efficiency ratio for credit unions averaged 68.2% in 2023.
Directional10Net charge-offs for credit unions were 0.45% of average loans in 2023.
Single source11Credit union ROE averaged 6.8% in 2023.
Verified1245% of credit unions reported profitability above industry average in 2023.
Verified13Credit union net interest margin averaged 3.12% in Q1 2024.
Verified14Credit unions' capital adequacy ratio averaged 12.1% in 2023.
Directional15Credit union dividend payout ratio averaged 45% of net income in 2023.
Single source16Net worth growth rate: 7.8% for credit unions in 2023.
Verified17Credit unions' provision for loan losses: 0.62% of loans in 2023.
Verified18Expense ratio: 72 bps for top-performing credit unions in 2023.
Verified19Liquidity ratio averaged 15.2% for credit unions Q2 2024.
Directional20Non-interest income grew 9.1% to $28B in 2023.
Single sourceFinancial 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.
Industry Trends and Operations
1Number of credit union branches totaled 19,700 in Q2 2024.
Verified2Credit unions' share of total U.S. financial institution deposits was 11.5% in 2023.
Verified372% of credit unions reported increased digital banking adoption in 2023.
Verified4Average credit union ATM count was 1,200 per large CU in 2023.
Directional5Cyberattack incidents on credit unions rose 18% in 2023.
Single source685% of credit unions offer mobile banking apps as of 2024.
Verified7Shared branching transactions exceeded 40 million in 2023.
Verified8Credit unions' market share of auto loans was 29% in 2023.
Verified9Employee turnover rate at credit unions averaged 15.2% in 2023.
Directional1061% of credit unions plan to expand fintech partnerships in 2024.
Single source11Credit unions captured 1.3% market share in credit cards in 2023.
Verified12Digital transactions accounted for 89% of all credit union transactions in 2023.
Verified1392% of credit unions offer buy-now-pay-later options in 2024.
Verified14Average credit union employee salary increased 4.7% to $68,200 in 2023.
Directional15Mobile app download growth for credit unions was 14% in 2023.
Single source1667% of credit unions expanded branchless services in 2023.
Verified1778% of credit unions use AI for fraud detection in 2024.
Verified18Branch closures at credit unions: 150 in 2023.
Verified19Open banking adoption: 55% of credit unions in 2024.
Directional20Total CUSO revenues: $22B in 2023.
Single source21Digital wallet usage: 65% of members in 2023.
VerifiedIndustry 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.
Loans
1Total loans and leases at credit unions reached $1.24 trillion in Q2 2024.
Verified2First mortgage loans grew 2.6% to $611.6 billion in 2023.
Verified3Credit card loans at credit unions increased 7.4% to $122.4 billion by end-2023.
Verified4Auto loans outstanding totaled $215.6 billion, up 1.8% in Q4 2023.
Directional5Commercial loans at credit unions surged 15.2% to $85.3 billion in 2023.
Single source6Unsecured loans grew 8.9% year-over-year to $45.2 billion in 2023.
Verified7New auto loans originated $62.4 billion in 2023, up 4.1%.
Verified8HELOCs at credit unions totaled $32.1 billion as of December 2023.
Verified9Loan-to-deposit ratio for credit unions was 67.2% in Q4 2023.
Directional10Delinquency rate on loans was 0.87% in Q2 2024.
Single source11Credit union loan delinquencies averaged 0.92% in Q1 2024.
Verified12Loans per member averaged $9,100 across U.S. credit unions in 2023.
Verified13Average first mortgage balance per borrower was $185,000 in 2023.
Verified14Credit unions' share of small business loans grew to 8.2% in 2023.
Directional15Auto loan market share for credit unions was 32% for new vehicles in 2023.
Single source16Total commercial real estate loans at credit unions: $120B in Q2 2024.
Verified17Credit card delinquency rate at 1.45% in Q1 2024 for credit unions.
Verified18Student loan portfolios at credit unions: $18B in 2023.
Verified19Mortgage loan approvals at credit unions up 6% in 2023.
Directional20Auto refinancings at credit unions: 1.2M in 2023.
Single sourceLoans 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.
Membership and Growth
1Credit union membership reached 136.5 million members as of Q2 2024.
Verified2Number of credit unions declined to 4,500 in 2023 from 4,706 in 2022.
Verified3Average credit union membership per institution was 30,300 members in 2023.
Verified4Credit unions added 2.1 million new members in 2023.
Directional5Penetration rate of credit unions among U.S. population was 42% in 2023.
Single source6Large credit unions (over $1B assets) serve 88% of total membership.
Verified7Membership growth rate was 1.6% year-over-year in Q4 2023.
Verified8Total potential membership for credit unions exceeded 500 million via select employee groups.
Verified9Credit union membership share of U.S. households rose to 36.2% in 2023.
Directional10Number of multi-campus credit union branches increased 2.3% in 2023.
Single source11Membership penetration in Gen Z demographics reached 28% in 2023.
Verified12Credit unions over $1B assets grew membership by 2.5% in 2023.
Verified13Membership growth in underserved areas was 3.1% for credit unions in 2023.
Verified14Hispanic membership growth: 5.2% in credit unions 2023.
Directional15Youth membership accounts grew 12% in 2023.
Single source1634% of credit unions merged in past 5 years (2019-2023).
VerifiedMembership 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.
Sources & References
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