Total credit union members in the U.S. rose by 2.7% to an all time high of
80 million. The average share balance is now over $5,284 and the average loan
credit unions are estimated to reach approximately 40% of US households
a review of Federal Reserve Board’s Survey of Consumer Finances, suggests
that credit union members are still a very small share of the population.
Using the 1998 household data, the Filene Institute in a report Who Uses
Credit Unions, estimates that only 6% of households are “credit union only”
users and 12.4% are predominately credit union users. The pie chart below
shows the analysis of this tri-annual survey data.
growth of assets of 11.8% was the highest in over 10 years and was fueled
by the double-digit savings growth. Most of this increase was from internal
share growth which increased 9.1% and only 2.7% from new members. This
pattern suggests that although credit unions have expanded their potential
members by over 16%, most of the growth in 2001 reflects existing members
bringing more funds to the credit union.
is that the growth is not evenly distributed throughout the credit union
system. Larger credit unions grew faster in loans, savings and had higher
ROA than did smaller credit unions. In fact the very smallest credit unions
are experiencing “dis-investment” as members slowly reduce their balances
and participation. The high growth numbers are primarily from 800, mostly
For the complete article complete with national leader tables, peer analysis
and updated contact information on all U.S. credit unions, get the 2002 Credit
Union Directory and, for a limited time as a special bonus, you can get
the 3rd Quarter Data and Research Report for only $50.