CUSOs have become an important component of many credit unions'
efforts to become the primary financial institution for their members
and have grown in numbers as a result. As the number of U.S. credit
unions has dropped below 10,000, the number of CUSOs has grown to
over 750. According to Callahan & Associates' 2003
Directory of Credit Union Cooperatives, the state of California
is leading the way with over 100 CUSOs in existence. Other states
in the top five include Michigan, New York, Washington and Florida.
Rounding out the top 10 are Texas, Indiana, Oregon, Virginia and
Minnesota, as the top 10 states account for over 55% of all CUSOs
in the U.S.
Credit unions don't appear to be slowing down in their efforts
to form CUSOs. The state of Texas has seen the highest growth with
nearly 40% while California and Michigan have seen 14% and 15% growth
respectively in the number of CUSOs formed in the previous 12 months.