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Who Buys Source

To join a credit union, a person must be within its field of membership. Typical fields of membership include employee groups, associations, religious or fraternal affiliations and residential areas.

Credit Union National Association, 2011

Each credit union is governed by its members. The membership elects unpaid volunteer officers and directors who establish the policies under which the credit union operates. Officials must be from within the credit union's membership.

Credit Union National Association, 2011

Profiling adults 18+ who use a credit union as their primary banking and financial institution:

GfK MRI, 2010

Of those adults 18+ who use a credit union as their primary banking and financial institution, 54.2% are women and 45.8% are men.

GfK MRI, 2010

Adults 18+ who utilize a credit union as their primary banking and financial institution, by age group: 18-24, 8.2%; 25-34, 16.7%; 35-44, 19.1%; 45-54, 22.1%; 55-64, 18.9%; 65+, 15.0%.

GfK MRI, 2010

Adults 18+ who depend on a credit union as their primary banking and financial institution: $100,000+, 33.5%; $75-99,999, 18.3%; $60-74,999, 12.1%; $50-59,999, 8.6%; $40-49,999, 8.1%; $30-39,999, 7.9%; $20-29,999, 6.1%; under $20,000, 5.4%.

GfK MRI, 2010

Adults 18+ who use a credit union as their main banking and financial institution, by race: White, 83.3%; Black, 9.0%; Other, 7.7%; Hispanic origin, 7.1%.

GfK MRI, 2010

Adults 18+ who use a credit union as their primary banking and financial institution, by region: Northeast, 15.6%; Midwest, 23.3%; South, 36.0%; West, 25.1%.

GfK MRI, 2010

Adults 18+ who use a credit union as their primary banking and financial institution, by marital status: Single, 18.9%; married, 64.3%; separated/widowed/divorced, 16.8%.

GfK MRI, 2010



How They Buy Source

Average credit union savings rates, as of December 2010: Regular shares, 0.4%; share drafts, 0.2%; IRAs, 1.4%; money market accounts, 0.6%; 1-year certificates, 1.3%.
 

Credit Union National Association, 2011

Average credit union loan rates as of February 2011, by category: New auto, 4.8%; used auto, 5.3%; credit card, 10.1%; home equity, 4.4%; personal (unsecured), 11.6%.

Credit Union National Association, 2011

What They Buy Source

Distribution of loans made through credit unions as of February 2011, by segment: Used auto, 17.9%; new auto, 10.9%; first mortgage (fixed), 27.2%; unsecured loans, 10.5%; first mortgage (adjustable), 12.5%; home equity, 7.6%; second mortgage, 7.5%; other, 5.9%.
 

Credit Union National Association, 2011

In additon to new and used auto loans, which are offered by more than 90% of credit unions, the percentage of credit unions offering the following member services (as of December 2010): First mortgages, 48.7%; second mortgages, 55.6%; share secured credit cards, 28.2%; member business loans, 23.9%; ATM access, 62.8%; share drafts, 74.9%; check cashing, 50.5%; money orders, 49.0%; IRAs, 65.3%; money market accounts, 44.5%; certificates, 76.9%; IRAs, 64.0%; money market shares, 42.4%; payday lending, 7.0%; indirect consumer loans, 22.7%; financial counseling, 25.8%.

Credit Union National Association, 2011

Where They Buy Source

Number of credit unions, as of December 2010, based on asset size: Less than $1 million, 7.7%; $1-$5 million, 17.2%; $5-$20 million, 27.5%; $20-$50 million, 17.9%; $50-$100 million, 11.0%; $100+ million, 18.7%.

Credit Union National Association, 2011

States with the most credit union members (totals in millions), as of December 2010: California, 9.519; Texas, 7.540; Virginia, 6.958; Florida, 4.533; New York, 4.514; Michigan, 4.471; Pennsylvania, 3.597; North Carolina, 3.241; Illinois, 2.797; Washington, 2.731; Ohio, 2.684; Massachusetts, 2.479.

 

Credit Union National Association, 2011

States with the greatest number of credit unions (as of December, 2010): Texas, 550; Pennsylvania, 541; California, 440; New York, 439; Illinois, 387; Ohio, 387; Michigan, 323; Wisconsin, 225; Louisiana, 222; Massachusetts, 217; New Jersey, 207; Virginia, 191; Indiana, 189; Tennessee, 181.
 

Credit Union National Association, 2011

Percent of credit unions, by membership type: Occupational (manufacturing, governmental, education, healthcare, transportation, etc.), 31.1%; multiple group, 31.7%; residential, 24.5%; associational, 7.6%; low income, 5.1%.

Credit Union National Association, 2011

Business Trends Source

As of December 2010, membership in the nation's 7,605 federal and state credit unions had reached 92.619 million, up from 87.014 million in 2005 and 79.752 million in 2000.

Credit Union National Association, 2011

As of December 2010, the total number of credit unions in the U.S. had declined to 7,605, down from 9,011 in 2005 and 10,684 at the end of 2000.

Credit Union National Association, 2011

The amount of savings (shares and deposits) in the country's credit unions (as of December 2010) increased to $804.4 billion, up from $596.6 billion at the end of 2005 and $389.6 billion in 2000.

Credit Union National Association, 2011

Total assets of the country's credit unions, as of December 2010, stood at $934.1 billion, up from $700.4 billion at the end of 2005 and $449.8 billion in 2000.

Credit Union National Association, 2011

The amount of loans outstanding at the nation's credit unions (through December 2010), totaled $580.0 billion, down from $587.1 billion at the end of 2009, but up from $473.8 billion at the end of 2005 and $309.4 billion in 2000.

Credit Union National Association, 2011

As of December 2010, credit unions held 9.8% of consumer savings in the U.S. (up from 9.6% at the end of 2009), and accounted for 10.4% of installment credit outstanding (down from 10.5% in 2009).
 

Credit Union National Association, 2011

Composition of savings in credit unions, as of December 2010: Share drafts, 11.5%; money market accounts, 22.3%; certificates, 27.1%; IRAs, 9.7%; regular shares and others, 29.4%.

Credit Union National Association, 2011

A federal credit union is a nonprofit, cooperative financial institution owned and run by its members. Organized to serve, democratically controlled credit unions provide their members with a safe place to save and borrow at reasonable rates. Members pool their funds to make loans to one-another. The volunteer board that runs each credit union is elected by the members.

National Credit Union Administration, 2011

According to statistics compiled by the Credit Union National Association, new auto loans obtained through credit unions fell 16.5% in 2010, while used-car loans increased 3.4%. Fixed-rate first mortgage credit union transactions were up 3.0%, while adjustable rate first mortgages grew 2.1%. Second mortgages other than those in the open-rate adjustable category dropped 12.4%, and home equity loans edged 0.6% higher. 

Credit Union National Association, 2011

Credit union member business loans, though they account for only a small number of credit union loans outstanding, continued to grow in 2010, increasing 6.0%.

Credit Union National Association, 2011

Money earned by credit unions through interest on loans and income from investments (after operating expenses and reserves) is returned to members in the form of better rates, lower fees, bonus dividends on savings, interest rebates on loans and expanded services.

Credit Union National Association, 2011

Misc Source

According to a survey by Aite Group, credit unions are in the early stages of building their competency in social media, with 6 in 10 considering themselves a "novice" or "beginner" in using social media to support their marketing efforts.

Aite Group, 2011