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Credit Union
Global dispersionMembership restrictionsCredit union leagues and associationsCorporate credit unionsHistoryUnited KingdomNorth American statistics
Global dispersionMembership restrictionsCredit union leagues and associationsCorporate credit unionsHistoryUnited KingdomNorth American statistics
North American statistics
.]], where they are known as ''caisses populaires'' (people's banks), and on the Western prairies. As of Dec. 31 2006 there were 549 member caisses and 5.8 million retail members in the Caisses Populaires Desjardins federation. According to data from Credit Union Central of Canada on the same date there were 10.8 million retail members controlling CAD $193 billion in assets across all of Canada. Aside from Desjardins, other major Canadian credit unions include Vancity, Coast Capital Savings, and Credit Union Atlantic.
In the United States, credit unions have 86 million members, which is 43.47% of the economically active population. In the US, federal credit unions may apply to the National Credit Union Administration for Low-Income Credit Union or LICU status. To qualify for LICU status, the majority of the credit union's membership meet specific requirements in order to be considered "low-income". This LICU status allows the credit unions to benefit from certain NCUA programs to enhance its capacity to serve underserved populations who may otherwise lack access to credit or other financial services. In addition, some state regulators also provide for similar low-income designations.
Unlike banks, which were caught redlining underserved areas in the 1970s, credit unions are not subject to federal "community reinvestment" requirements—essentially because credit unions, by their nature and mission of "people helping people," already meet the financial needs of a broad spectrum of people that fall within their fields of membership, and play an active role in community development and growth. Because of that, credit unions have successfully lobbied to exempt themselves from the (U.S. federal) Community Reinvestment Act, the law that forces banks to provide services in low-income areas.
As of the end of 2005, the National Credit Union Administration insured more than $515 billion in deposits at 8,695 nonprofit cooperative US credit unions. For comparison, the Federal Deposit Insurance Corporation insured more than $3,000 billion in deposits at 8,900 banks and thrift institutions. The NCUA and the FDIC are both independent federal agencies backed by the full faith and credit of the US government.