There are more than 200 faith-based credit unions in the United States, all of which serve the financial needs of their membership. But the relationship doesn’t stop with money. What differentiates this group of credit unions is their ability and willingness to meet the spiritual needs of members, too.
Learn how in “How 4 Credit Unions Tie Faith To Finances.”
The average number of branches for all credit unions in the industry increased from three to four in the third quarter of 2016. Credit unions with $500 million to $1 billion in assets have increased their average number of branches 57.1% in the past two years; credit unions with more than $1 billion in assets increased their footprints 64.3%.
Learn more credit union branching facts in “Is The Branch Dead?”
Credit card balances across the credit union industry totaled slightly more than $52 billion as of first quarter 2017 — an 8.12% increase year-over-year. Credit card penetration has also steadily risen, going from 14.96% as of first quarter 2012 to 17.19% as of first quarter 2017. As card lending increases, credit unions are looking for ways to add value to their suite of products. One way they are doing that is through rewards programs.
Read “3 Lessons From Top Credit Card Rewards Programs” for best practices from three credit unions who are well-versed in rewards.
The number of credit unions that originated a first mortgage in 2016 totaled 3,289. That’s 267 institutions fewer than in 2011. Data from Callahan & Associates shows the number of credit unions with more than $100 million in assets that originate mortgages has steadily grown in the past six years; however, the number of credit unions smaller than that that originate mortgages has declined.
Learn about the driving forces behind these trends in "Mergers Shrink The Number Of Credit Unions, But The Mortgage Business Just Keeps Growing."