The first-time collection of quarterly data on all credit unions
shows a decline in the number of credit unions to 9,964 from the
June 30 total of 10,031. However credit union total assets continue
to grow to a total of $557.3 billion (12.7% annual growth).
The 1,830 credit unions over $50 million, which have always filed
quarterly, now comprise 84% of total assets. The decline in smaller
credit unions through mergers is inevitable in a low interest rate
environment in which operating expenses take up a higher percentage
of income. Over the past two years the average ratio of operating
expenses to total revenue has climbed to 46.4% as yields have fallen.
However, for credit unions under $50 million in assets, this ratio