The current number of credit unions in the US

As of 2024, there are approximately 4,800 credit unions operating in the United States, though this number changes throughout the year as some merge, close, or newly charter. The National Credit Union Administration (NCUA), the federal agency that regulates and insures credit unions, tracks this count and publishes it regularly. The exact number you'll see depends on when you check — the NCUA updates its data quarterly, and the total has been gradually declining over the past decade due to consolidation in the industry.

These credit unions collectively serve more than 130 million members and hold over $2 trillion in assets. The size and reach of individual credit unions varies enormously: some are small, community-based institutions with a few hundred members, while others like Navy Federal Credit Union serve millions of people across the country.

Key Takeaways

  • Approximately 4,800 federally insured credit unions operate in the US, a number that shifts quarterly as institutions merge or close.
  • The NCUA publishes the official count and maintains a searchable directory where you can find credit unions by state, charter type, and other details.
  • Credit union numbers have declined over the past ten years primarily because of mergers between institutions, not widespread failures.
  • The number of credit unions does not directly affect your options — what matters is whether a credit union serves your field of membership and offers the products you need.

Why the number keeps changing

The credit union landscape is not static. The total count has fallen from roughly 8,000 in the early 2000s to around 4,800 today, but this reflects industry consolidation rather than crisis. When two credit unions merge, the total count drops by one, even though members' accounts and services continue uninterrupted. Mergers typically happen when a smaller credit union joins a larger one to gain access to better technology, more branches, or stronger capital reserves.

New credit unions still charter each year, but the number of new charters is smaller than the number of mergers. The NCUA approves new charters based on a detailed application showing there is genuine demand from a specific field of membership — for example, employees of a particular company or members of a professional association.

How to find credit unions by state

The NCUA maintains a searchable directory at ncua.gov where you can look up credit unions by state, city, or name. This tool shows you which credit unions are federally insured, their asset size, membership numbers, and contact information. You can also filter by whether a credit union is open to the general public or restricted to a specific field of membership.

Your state may also regulate state-chartered credit unions that are not federally insured, though most credit unions carry federal insurance through the NCUA. If you are looking for a credit union in your area, starting with the NCUA directory is the fastest way to see what is available to you based on your employment, association membership, or geographic location.

The difference between federal and state-chartered credit unions

Of the roughly 4,800 credit unions in the US, most are federally chartered and insured by the NCUA. Some credit unions are chartered by their state and may carry state insurance instead of federal insurance, though many state-chartered credit unions also carry NCUA insurance. The charter type affects which regulator oversees the credit union and which insurance system protects member deposits, but it does not change how the credit union operates from a member's perspective.

Federally insured deposits at credit unions are protected up to $250,000 per member, per account category, just like deposits at banks insured by the FDIC. This protection applies whether the credit union is federally or state chartered, as long as it carries NCUA insurance.

What the declining number means for members

Fewer credit unions does not mean fewer options for most people. Consolidation has actually made credit unions more accessible in some ways — larger institutions can afford better online banking, mobile apps, and ATM networks. Many mergers result in members gaining access to a wider branch network and more services than their original credit union offered.

The decline does mean that if you belong to a very small, local credit union, there is a possibility it could merge with another institution in the future. When mergers happen, your account and membership transfer automatically, and your deposits remain insured. The credit union will notify you of any changes to terms, fees, or services that result from the merger.

Finding a credit union that serves you

The total number of credit unions matters less than whether one serves your field of membership and meets your banking needs. Credit unions are membership-based, so you must meet their membership requirements — typically based on where you work, which associations you belong to, which union you are part of, or where you live. Some credit unions have expanded their fields of membership to serve broader geographic areas or occupational groups.

If you are not sure whether you are may be able to access to join a particular credit union, contact them directly or check their website. Many credit unions now allow you to join online if you meet their membership criteria, and some offer accounts to family members of existing members even if those family members do not meet the original field of membership requirement.

Frequently Asked Questions

Where can I see the official list of all credit unions?

The NCUA maintains a searchable directory at ncua.gov where you can look up credit unions by state, city, or name. The directory includes contact information, asset size, and membership details for every federally insured credit union in the country.

Does the number of credit unions affect how safe my money is?

No. Your deposits are insured up to $250,000 per account category at any federally insured credit union, regardless of how many credit unions exist or how large the institution is. The NCUA insurance system protects your money the same way the FDIC protects bank deposits.

Why have credit unions been closing or merging?

Credit unions merge primarily to gain access to better technology, larger branch networks, and stronger capital reserves — not because they are failing. Mergers allow smaller credit unions to offer members more services and lower costs. When a merger happens, your account transfers automatically and your membership continues.

Can I join any credit union, or do I have to meet membership requirements?

Credit unions have membership requirements based on employment, association membership, union affiliation, or geographic location. You must meet at least one of these criteria to join. Some credit unions have expanded their fields of membership to include family members of existing members or people in a broader geographic area.

Is a smaller credit union less safe than a larger one?

No. All federally insured credit unions are regulated by the NCUA and must meet the same safety and soundness standards. Your deposits are insured equally whether the credit union has 500 members or 500,000 members.