Credit unions are mutually organized depository institutions that provide financial services to their members. Like banks and savings associations, the credit union industry appears to be consolidating. The number of credit unions fell from 12,596 in 1992 to 10,316 at the end of 2000. However, total credit union assets rose 64.58% over the same period, from $258.4 billion to $438.2 billion. The number of credit union members also increased steadily from 61.4 million in 1992 to 77.6 million at year-end 2000.
Suggested citation: "Credit Unions," Federal Reserve Bank of Cleveland, Economic Trends, no. 01-08, pp. 16-17, 08.01.2001.