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March 18, 2025
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The Credit Union Difference
published 2024 | america’s credit unions
Credit unions take a “people first” approach as not-for-profit financial cooperatives, owned and operated by the people they serve. The focus on serving consumers instead of chasing profits makes credit unions the best option for safe and affordable financial services for families and small business owners.
That’s why more than 140 MILLION AMERICANS rely on credit unions for everyday needs and longer-term goals.
CREDIT UNIONS BY THE NUMBERS
1.2 MILLION JOBS
4,617 CREDIT UNIONS
$35+ BILLION TOTAL CONSUMER FINANCIAL BENEFITS
$297 BILLION TOTAL ECONOMIC IMPACT
CREDIT UNIONS HELP THOSE LEFT BEHIND BY BANKS
When it comes to banking deserts and underserved communities, credit unions are committed to providing affordable financial services to consumers and small businesses. As 56 million Americans are considered financially vulnerable, including nearly half of unbanked households, credit unions are ready to reach more people, where and when they need it. The industry’s track record proves it:
CREDIT UNION BRANCHES
- Retained locations post-recession, and have continued to add branches. 2020 – 2023 brought 950+ net openings of credit union branch locations, including 126 net openings in the first three quarters of 2023. The number of branches operated by credit unions grew by 3.8% since the start of the 2020 pandemic.
BANK BRANCHES
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Since the beginning of 2020, banks closed a net of over 8,600 branches. More than 2,000 net closures in each of 2020, 2021, and 2022. 1,551 bank branches closed through three quarters of 2023, making this on pace to be the fourth year with over 2,000 net bank branch closures.
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Credit union lending was15% higher than banks’ in the years following the 2008 financial crisis. From 2020-2021, credit union loans increased 13.5% (a 6.5% annual average increase), while bank loans increased6.9% (a 3.4% annual).
SERVING UNDERSERVERED RUAL AND DIVERSE COMMUNITIES
BY THE NUMBERS
2,466 LOW-INCOME DESIGNATED (LID) CREDIT UNIONS
$151 BILLION ANNUAL TOTAL ECONOMIC IMPACT OF LID CREDIT UNIONS
$13.6 BILLION IN FINANCIAL BENEFITS TO CONSUMERS FROM LID CREDIT UNIONS
674,014 NATIONAL EMPLOYMENT IMPACT FROM LID CREDIT UNIONS
$105.6 BILLION IN OUTSTANDING SMALL BUSINESS LOANS FROM LID CREDIT UNIONS
45.7 TOTAL NUMBER OF OUTSTANDING LOANS MADE TO MEMBERS OF LID CREDIT UNIONS
Credit unions provide pathways to financial stability, including financial counseling, credit building, and opportunities to obtain affordable loans. Credit unions offer more affordable credit solutions to Americans than the largest issuers, with better rates and lower annual fees on average.
- Consumers who finance auto purchases at credit unions save as much as $11,000 over the life of a typical 72-month auto loan
(SOURCE: Equifax Analytic Dataset and America’s Credit Unions. Based on first-half 2024 auto loan originations at credit unions, banks and auto finance companies.) - Deep subprime auto borrowers financing at a credit union save more than $10,000 during the
typical 72-month auto loan (CFPB Consumer Credit Card Market Report) - Mortgage borrowers who finance at credit unions save as much as $35,000 over the life of a typical
30-year mortgage (Mid-year 2023 Equifax data analysis
79% of credit union offer secured credit card programs to help members build credit
69% of credit unions offer free financial literacy and credit counseling to members
SOURCE: CUNA interchange study 2022
Credit union members are 1.4 times more likely than nonmembers to get personalized financial counseling.
Non-members are 1.2 times more likely than credit union members to not have a modest “rainy day” fund to cover unexpected expenses.
89% of members say their credit union has improved their financial well-being
87% say it is easy to get a loan, versus 68% of non-members
90% report positive experiences obtaining low-cost loans, versus 69% of non-members
SOURCE: FrederickPolls 2023
