Key Highlights
- There are over 5,000 credit unions across the United States
- U.S. credit unions hold approximately $1.8 trillion in assets
- About 127 million Americans are members of credit unions
- The average credit union loan size is around $12,000
- Credit unions have a loan-to-share ratio of approximately 76%
- Credit unions offer over 70 different types of financial products and services
- The average interest rate on a 60-month new auto loan from a credit union is about 4.01%
- Credit unions typically offer lower interest rates than banks on loans and savings accounts
- In 2023, the total number of credit union branches in the US is approximately 5,400
- The average credit union customer has around 4 products
- Credit unions' share of total U.S. banking assets is roughly 9%
- The member-owned structure of credit unions ensures that profits are returned to members as better rates and lower fees
- Approximately 45% of U.S. households are members of a credit union
Discover how America’s credit unions, with over 5,000 branches and $1.8 trillion in assets serving nearly 127 million members, are reshaping the landscape of banking through lower rates, diverse services, innovative digital solutions, and a steadfast commitment to community and member satisfaction.
Asset and Branch Distribution
- U.S. credit unions hold approximately $1.8 trillion in assets
- In 2023, the total number of credit union branches in the US is approximately 5,400
- Credit unions' share of total U.S. banking assets is roughly 9%
- Credit unions have a smaller branch footprint per member than traditional banks, contributing to lower operational costs
- In 2023, the smallest credit unions (asset size under $10 million) represented about 60% of the total number but only 10% of total assets
- The average number of branches per credit union is about 1.1, reflecting a more centralized branch network compared to banks
Asset and Branch Distribution Interpretation
With over $1.8 trillion in assets and a lean branch presence averaging just over one per credit union, these community-focused financial cooperatives prove that prudent size and strategic simplicity can outperform sprawling branches—capturing 9% of U.S. banking assets while quietly maintaining a substantial footprint in the nation's banking landscape.
Financial Performance and Lending
- The average credit union loan size is around $12,000
- Credit unions have a loan-to-share ratio of approximately 76%
- The average interest rate on a 60-month new auto loan from a credit union is about 4.01%
- Credit unions typically offer lower interest rates than banks on loans and savings accounts
- Over $43 billion in dividends are returned to credit union members annually
- The percentage of credit union assets in auto loans is approximately 27%, making it one of their most common loan types
- Credit unions’ average total loan balance per member is around $8,500
- The median annual revenue for a credit union is approximately $9 million
- In 2023, the average return on assets (ROA) for credit unions was around 0.8%, indicating solid profitability margins
- Credit unions' total capital ratio is approximately 10%, ensuring financial stability and resilience
- The most common loan type among credit unions is auto loans, accounting for 27% of their loan portfolio
- Credit unions significantly outperformed banks in deposit growth in 2023, with an average growth rate of 4%, compared to banks at 2.5%
- Credit unions' overall return on investment (ROI) has been stable at around 1% in 2023, reflecting prudent financial management
Financial Performance and Lending Interpretation
Despite granting modest auto loans averaging $12,000 at a 4.01% rate and returning over $43 billion in dividends, credit unions' disciplined asset management and steady 0.8% ROA ensure they remain resilient, with auto loans comprising 27% of their portfolio and a strong capital ratio of 10%, proving that doing good for members and staying financially sound go hand in hand.
Lending
- The share of credit union assets held in residential real estate loans is roughly 37%, making home loans a significant part of their portfolio
- About 35% of credit union members use indirect auto lending options through third-party dealerships, spreading auto financing access
Lending Interpretation
With nearly 37% of assets tied up in home loans and over a third of members relying on third-party dealerships for auto financing, credit unions are clearly balancing their portfolio between helping members settle into their dream homes and cruising in their dream cars, all while steering through the financial landscape with cautious savvy.
Member Satisfaction and Engagement
- Nearly 62% of credit union members are satisfied with their credit union services
- Credit unions have a higher member satisfaction rate (about 90%) compared to traditional banks, which stand at approximately 83%
- Credit unions tend to charge lower fees on overdrafts and account maintenance compared to banks, saving members an average of $120 annually
- Membership retention rate across credit unions is about 97%, indicating high member loyalty
Member Satisfaction and Engagement Interpretation
With nearly 90% member satisfaction and a 97% retention rate, credit unions prove that when it comes to loyalty, lower fees and personalized service trump big-bank bureaucracy every time.
Membership and Demographics
- There are over 5,000 credit unions across the United States
- About 127 million Americans are members of credit unions
- The average credit union customer has around 4 products
- The member-owned structure of credit unions ensures that profits are returned to members as better rates and lower fees
- Approximately 45% of U.S. households are members of a credit union
- The median age of credit union members is around 43 years
- There are about 6 million new credit union memberships annually
- The number of credit union members aged 18-34 increased by 5% in 2023, highlighting growing youth engagement
- The median savings balance per credit union member is approximately $3,000
- The average age of credit union board members is 55 years, indicating experienced leadership
- Almost 70% of credit unions experience growth in membership during economic downturns, showing resilience
- The number of financial cooperatives worldwide exceeds 100,000, with credit unions constituting a significant portion
- The average credit union membership growth rate is approximately 2-3% annually, reflecting steady expansion
- Credit unions hold about 12% of the total U.S. personal savings deposits, indicating their significance in the personal savings landscape
- The median debt-to-income ratio for credit union members is approximately 15%, indicating manageable debt levels
- Nearly 90% of credit unions offer financial education programs to their members, helping promote financial literacy
- The median member income in credit unions is around $55,000 annually, indicating the demographic they serve
- Credit union membership is roughly equally split between urban (52%) and rural (48%) populations, showing widespread reach
- The median mortgage size issued by credit unions is approximately $210,000, with a focus on middle-income households
Membership and Demographics Interpretation
With over 127 million members benefiting from member-owned, community-focused services, credit unions continue to grow steadily—especially among younger Americans—underscoring their resilience and crucial role in fostering financial literacy and stability across diverse demographics.
Technology and Services
- Credit unions offer over 70 different types of financial products and services
- Nearly 55% of credit unions reported technological upgrades in 2023 to improve digital banking services
- More than 80% of credit unions offer online banking services, with nearly 90% providing mobile banking
- Approximately 65% of credit union members use digital channels to conduct transactions, indicating high adoption of online banking
- 76% of credit unions reported an increase in their digital banking adoption in 2023, driven by technological investments
- Over 85% of credit unions surveyed in 2023 reported improvements in their cybersecurity measures, emphasizing digital safety priorities
- About 40% of credit unions participate in shared branching networks, increasing accessibility for members
- In 2023, 75% of credit unions reported investing in new technology systems to improve operational efficiency
- Over 50% of credit unions offer retirement and investment services, expanding their financial offerings beyond traditional banking
- The percentage of credit unions with a dedicated cybersecurity team increased to over 70% in 2023, highlighting increased focus on data security
Technology and Services Interpretation
In 2023, credit unions are confidently riding the digital wave, offering diverse financial services, prioritizing cybersecurity, and expanding access—proving that in the financial race, they’re not just staying afloat but steering ahead with tech-savvy precision.