Credit unions have been a vital part of the financial landscape in the United States for many years. As of September 2020, there are 5,157 credit unions operating across the country and they serve over 274 million members worldwide. In 2021, total assets held by U.S. credit unions surpass $2 trillion and nearly 118 million Americans are members of a credit union as well. Credit unions offer numerous services to their customers including loans, mortgages, retirement plans and more – all at competitive rates compared to banks or other lenders. This blog post will explore some interesting statistics about credit unions that demonstrate just how important these institutions are in our economy today.
This statistic is a testament to the enduring popularity of credit unions in the United States. With over 5,000 credit unions in operation, it’s clear that Americans are turning to these institutions for their financial needs. This statistic serves as a reminder of the importance of credit unions in the lives of many Americans.
In 2020, credit unions worldwide had over 274 million members.
This statistic is a testament to the immense popularity of credit unions worldwide. It shows that credit unions have become a trusted source of financial services for millions of people, and that their services are in high demand. This statistic is a powerful indicator of the success of credit unions and their ability to provide quality services to their members.
Credit Union Statistics Overview
As of September 2021, total assets held by U.S. credit unions surpass $2 trillion.
This statistic is a testament to the success of credit unions in the United States. It shows that credit unions have grown significantly in recent years, and that they are now a major player in the financial services industry. This is an important milestone for credit unions, and it is a sign that they are becoming increasingly popular among consumers. This statistic is a great example of the power of credit unions and their ability to provide a safe and reliable financial service to their members.
In 2018, 68% of all credit unions were in urban areas.
This statistic is significant in the context of credit union statistics because it highlights the fact that the majority of credit unions are located in urban areas. This indicates that credit unions are more accessible to those living in cities, and that they are more likely to be used by urban populations. This could be important for understanding the impact of credit unions on the economy, as well as for understanding the demographics of those who use credit unions.
In 2019, there were 157 mergers among credit unions in the United States.
This statistic is a telling indication of the current state of credit unions in the United States. It suggests that credit unions are increasingly consolidating, likely in an effort to become more competitive and efficient. This could have a significant impact on the industry, as it could lead to fewer options for consumers and potentially higher fees. As such, this statistic is an important one to consider when discussing the current state of credit unions in the United States.
Credit unions in the United States granted over $517 billion in loans in 2020.
This statistic is a testament to the power of credit unions in the United States. It shows that credit unions are a major source of lending, providing over half a trillion dollars in loans to individuals and businesses in 2020. This is a remarkable achievement and speaks to the strength of the credit union system in the United States.
In 2020, there were approximately 3.3 million mortgage loans originated by credit unions.
This statistic is a testament to the power of credit unions in the mortgage loan market. It shows that credit unions are a viable option for those looking to purchase a home, and that they are a trusted source for loan origination. This statistic is a great indicator of the success of credit unions in the mortgage loan market, and it is an important piece of information to consider when discussing credit union statistics.
Credit unions’ net income totaled $12.6 billion in 2020.
The impressive figure of $12.6 billion in net income for credit unions in 2020 is a testament to the success of this financial institution. It is a clear indication that credit unions are a viable option for individuals and businesses looking for reliable banking services. This statistic is a powerful reminder of the positive impact credit unions have had on the economy and the financial well-being of their members.
The largest credit union in the United States, Navy Federal Credit Union, had over $144 billion in assets in 2021.
This statistic is a testament to the success of Navy Federal Credit Union, demonstrating its impressive growth and financial stability. It is a clear indication that credit unions are a viable option for consumers looking for a reliable financial institution. This statistic is also a reminder of the importance of credit unions in the United States, as they provide an alternative to traditional banking institutions and offer a variety of services to their members.
Credit unions provided financial advisory services to over 1.5 million people in the United States during 2020.
This statistic is a testament to the impact credit unions have had on the lives of millions of people in the United States. It highlights the importance of credit unions in providing financial advice and guidance to those who need it most. It also speaks to the commitment of credit unions to helping their members achieve financial success. This statistic is a powerful reminder of the positive impact credit unions have had on the lives of so many people.
In 2020, credit unions signed up over six million individual members through 53,000 employer-sponsored retirement plans.
This statistic is a testament to the growing popularity of credit unions, as it shows that more and more individuals are choosing to join them. It also indicates that employers are recognizing the value of credit unions and are offering them as an option for their employees’ retirement plans. This is a clear indication that credit unions are becoming an increasingly attractive option for individuals looking to save for retirement.
Total outstanding loans by credit unions reached $1.10 trillion as of December 2020.
This statistic is a testament to the success of credit unions in providing financial services to their members. It shows that credit unions have been able to provide a reliable source of credit to their members, allowing them to access the funds they need to make purchases, pay bills, and invest in their future. This statistic is a powerful indicator of the strength of the credit union industry and its ability to serve its members.
Conclusion
The data presented in this blog post paints a clear picture of the current state of credit unions. As of September 2021, there are 5,157 credit unions operating in the United States with over 274 million members worldwide and total assets surpassing $2 trillion. Credit union loan originations have grown by 9.99% during Q1 2021 while customer satisfaction scores remain high at 77 out of 100. Additionally, digital banking users from credit unions increased by 60% between 2019 and 2020 as well as net income totaling $12.6 billion for 2020 alone. These statistics demonstrate that despite facing challenges due to COVID-19, credit unions continue to be an important part of our financial system providing services such as loans and retirement plans to millions around the world each year with competitive interest rates compared to banks
References
0. – https://www.woccu.org
1. – https://www.ncua.gov
2. – https://www.mycreditunion.gov
3. – https://www.cuna.org
4. – https://www.s3.amazonaws.com
5. – https://www.cutoday.info
