WHY WILL CREDIT UNION CONTINUE TO CAPTURE A LARGE PERCENTAGE OF THE FINANCIAL SECTOR

According to the U S Census Bureau, there are more than 5200 credit unions in the United States, with almost 114 million members The average credit union has about $1 billion in assets and 21,000 member https://mobile.creditunions.com/#/6922/blogs/industry-insights/members-by-the-numbers-1q18/ What's in store for the future? In the next five years, the total number of credit unions, their membership and assets will likely increase This may be due to the fact that many of the financial institutions that were deemed "too big to fail" are now in the process of being broken up, with the U Congress currently debating the Dodd-Frank Wall Street Reform and Consumer Protection Act, which is intended to create a new banking system that is less prone to failure The Act will also affect the Us Treasury, which insures all deposits in credit unions up to $250,000 By creating a new system, there will be an opportunity to create a new type of banking institution that is more responsive to the needs of its customers This could give credit unions a competitive advantage over larger banks The bottom line is that the future of credit unions looks bright Credit unions continue to innovate and find new ways to attract members and increase their revenues The credit union system is in a unique position to respond to the needs of its members, and as long as it continues to do so, it will continue to grow and prosper