According to the agency’s reports, NCUA approved 487 mergers from 2021 – 2023. In addition, as of September 2023, NCUA listed a little more than 3,500 federally insured, “small credit unions” with assets less than $250 million.

If the current merger trend continues for the next three years, roughly
speaking, there will be an estimated 15% decrease in small credit unions by
2026.

Small credit unions know the communities they serve, offering a personal
touch and an understanding of local member needs. This community focus
includes decision-making which can be more responsive to member
financial exigencies.

Small credit unions must be fruitful and multiply for the survival of the credit
union movement. They know the unique needs of their members both individuals and small businesses that drive local economies.

Small credit unions must be fruitful and multiply to also provide competition
in the financial services marketplace. This fosters the motivation for innovation resulting in more quality and affordable financial
products.

Small credit unions must be fruitful and multiply to maintain community engagement through financial literacy workshops, student scholarships, and homeownership seminars to name a few.

Small credit unions can and will be fruitful and multiply if they share their story. This will lead to better awareness, increasing memberships, and greater trust in small credit unions.

CUEvangelist can help…

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“Spreading The Good News About CUs!”