90 years (and counting) of credit union service

The Federal Credit Union Act was signed 90 years ago this week, a milestone that marks generations of service to members, families, and businesses. Congress granted credit unions powers and a mission to provide access to credit, and credit unions continue to fulfill this mission today.

A recent report from the Philadelphia Federal Reserve highlights how credit unions meet this mission in an important way when it comes to banking deserts. Census tracts without a financial institution branch rose 6% since 2019, while bank branch closures doubled at the same time.

Banks with $10 billion or more in assets created nearly two-thirds (62%) of new banking deserts through branch closures.

Credit unions were able to “cure” these deserts in 36% of all instances by opening a branch in a tract where there hadn’t been one before.


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