Number of credit unions in the U.S. 2016-2019, by assets

The number of credit unions in the United States is declining, but the number of credit unions managing assets in excess of one billion U.S. dollars has increased. In 2016, there were 272 credit unions that large, but the number increased to 330 by 2019.

What is a credit union?

Credit unions are created, owned and run by their participants, and they perform many of the same functions that banks do. The total value of assets in such institutions exceeds one trillion U.S. dollars, making them a significant slice of the country’s overall banking assets. However, since they are individually quite small, they have two disadvantages due to economies of scale. They have fewer funds to invest and fewer legal resources. While the major commercial banks have entire legal divisions, credit unions must navigate similar regulatory framework with a much smaller team.

Economies of scope

While the economies of scale often work against credit unions, economies of scope work in their favor. Since they are often based in smaller communities, they can tailor their products more specifically to local needs. This keeps millions of members banking at these institutions. It also influences the level of trust that people have in these banks, which may be the most significant factor in their continued success.

Number of credit unions in the United States from 2016 to 2019, by assets

Exclusive Premium statistic

You need a Single Account for unlimited access.

  • Full access to 1m statistics

  • Incl. source references

  • Available to download in PNG, PDF, XLS format

Single Account

only $59 / month *
*Duration: 12 months, billed annually, single license

Access to this and all other statistics on 80,000 topics from

$708 / Year

Show detailed source information?
Register for free
Already a member?
Log in
Source

Release date

March 2020

Region

United States

Survey time period

2016 to 2019

Special properties

Q4 of each year.

Statista Accounts: Access All Statistics. Starting from $708 / Year
Basic Account
Get to know the platform

You only have access to basic statistics.
This statistic is not included in your account.

Single Account
Your perfect start with Statista
  • Instant access to 1m statistics
  • Download in XLS, PDF & PNG format
  • Detailed references
$59 / Month *
Corporate Account
Full access

Corporate solution including all features.

* All products require an annual contract; Prices do not include sales tax.

Statistics on "Consumer lending in the United Kingdom (UK)"

Statista Accounts: Access All Statistics. Starting from $708 / Year
Learn more about how Statista can support your business.