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A credit union, a type of financial institution similar to a
commercial bank, is a member-owned nonprofit financial cooperative. Credit unions generally provide services to members similar to retail banks, including deposit accounts, provision of credit, and other financial services.[1][2] In several African countries, credit unions are commonly referred to as SACCOs (Savings and Credit Co-Operative Societies).[3]
Worldwide, credit union systems vary significantly in their total assets and
average institution asset size, ranging from volunteer operations with a handful
of members to institutions with hundreds of thousands of members and assets worth
billions of US dollars.[4] In 2018, the number of members in credit unions worldwide
was 274 million, with nearly 40 million members having been added since 2016.[5]
Leading up to the financial crisis of 2007–2008, commercial banks engaged in
approximately five times more subprime lending relative to credit unions and
were two and a half times more likely to fail during the crisis.[6] American
credit unions more than doubled lending to small businesses between 2008 and 2016, from $30 billion to $60 billion, while lending to small businesses overall during the same period declined by around $100 billion.[7] In the US, public trust in credit unions stands at 60%, compared to 30% for big banks.[8] Furthermore, small businesses are 80% less likely to be dissatisfied with a credit union than with a big bank.[9]
"Natural-person credit unions" (also called "retail credit unions" or "consumer
credit unions") serve individuals, as distinguished from "corporate credit unions.
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