Credit unions are mutually organized depository institutions that provide financial services to their members. Like banks and savings associations, credit unions are consolidating. Their numbers fell from 12,596 in 1992 to 10,145 at mid-2001. However, their total assets rose nearly 85% over the same period, from $258.4 billion to $477.2 billion. The number of credit union members also increased steadily from 61.4 million in 1992 to 78.7 million at the end of 2001:IIQ.
Suggested citation: "Credit Unions," Federal Reserve Bank of Cleveland, Economic Trends, no. 02-05, pp. 16-17, 05.01.2002.