NAICS 522130 Quarterly Industry Report
Credit unions
Comprehensive industry research for valuation professionals, business owners, buyers, and lenders
NAICS Code: 522130Sector: Finance and Insurance (52)Updated: Q1 2026
About This Report
This Fair Market Value report for NAICS 522130 examines credit unions based on data from the National Credit Union Administration, Bureau of Labor Statistics, and Census Bureau[5]. Analysis reflects Fair Market Value assessment methodologies aligned with industry standard metrics for member accounts, lending portfolios, and institutional assets. Additional data is drawn from SBA[6].. Coverage includes establishment counts, membership data, and financial performance benchmarks.
Industry Snapshot
Key metrics for the credit unions industry.
Industry Definition & Overview
Credit Unions (NAICS 522130) encompasses member-owned financial institutions that provide deposit, lending, and financial services exclusively to their members. These not-for-profit institutions operate under a dual chartering system, with entities chartered either federally under the Federal Credit Union Act or by individual states, while remaining subject to federal oversight through the National Credit Union Administration (NCUA). Per NCUA data[4], the industry serves 145 million members across 4,331 federally insured institutions with total assets reaching $2.38 trillion and loans outstanding of $1.70 trillion.
Credit unions differentiate themselves through member-centric governance and reinvestment of profits into improved services and rates. Total assets have risen 3.7 percent annually and loan portfolios expanded 4.4 percent as of recent reporting periods. Per Census Bureau[5] data, membership growth reflects sustained consumer preference for member-owned financial institutions. Employment within the sector topped 355,000 positions by year-end 2024, with staff compensation among the most competitive within financial services.
Members include individuals united by common bonds such as employment, geographic location, or organizational affiliation. Services span consumer deposits, auto loans, home mortgages, credit cards, business lending, and financial advisory services. Federal deposit insurance through NCUA protects member deposits up to $250,000 per account, matching FDIC coverage levels at commercial banks.
What's Included in This Industry
- Federally chartered credit unions regulated by NCUA
- State-chartered credit unions insured by NCUA
- Member deposit services and share accounts
- Consumer and commercial lending operations
- Check clearing and payment processing services
- Financial advising and investment services for members
- Mortgage lending and real estate financing
- Credit cards and payment card services
- Business and agricultural lending programs
- Trust and estate planning services
NAICS Classification Hierarchy
| Level | Description | Code |
|---|---|---|
| Sector | Finance and Insurance | 52 |
| Subsector | Credit Intermediation and Related Activities | 522 |
| Industry Group | Depository Credit Intermediation | 5221 |
| NAICS Industry | Credit Unions | 52213 |
| National Industry | Credit Unions | 522130 |
Related NAICS Codes
| Code | Description | Relationship |
|---|---|---|
| 522180 | Savings Institutions and Other Depository Credit Intermediation | Savings Institutions provide deposit services and consumer lending similar to credit unions but operate as for-profit or mutual institutions regulated by federal and state banking authorities. |
| 522110 | Commercial Banking | Commercial Banking offers broader services including corporate lending, investment banking, and commercial operations, representing traditional banking alternatives to credit union membership. |
| 524210 | Insurance Agencies and Brokerages | Insurance Agencies and Brokerages are often partnered with credit unions to provide member insurance products, supplementing core financial services with property and life insurance offerings. |
| 525910 | Open-End Investment Funds | Open-End Investment Funds provide investment management services for credit union member retirement and investment accounts, enabling wealth management alongside traditional banking services. |
| 522291 | Consumer Lending | Consumer Lending provides personal and installment loans to consumers, overlapping with credit union lending activities while operating outside the member-owned cooperative model. |
| 523999 | Miscellaneous Financial Investment Activities | Miscellaneous Financial Investment Services includes fintech providers and alternative lenders that compete with credit union lending services through digital platforms and specialized products. |
Geographic Concentration
Top states by share of national establishments.
| # | State | % Est. | Total Est. |
|---|---|---|---|
| 1 | California | 7.7% | 1,511 |
| 2 | Texas | 7.6% | 1,498 |
| 3 | Michigan | 5.5% | 1,071 |
| 4 | Florida | 5.3% | 1,049 |
| 5 | New York | 4.5% | 886 |
| 6 | Pennsylvania | 4.2% | 823 |
| 7 | Ohio | 3.3% | 655 |
| 8 | North Carolina | 3.1% | 616 |
| 9 | Washington | 3.0% | 595 |
| 10 | Indiana | 3.0% | 588 |
% Of Establishments
0%
8%
Source: County Business Patterns, U.S. Census Bureau[3]
Frequently Asked Questions
Common questions about this industry.
What is the difference between credit unions and banks?
Credit unions are member-owned, not-for-profit financial institutions, whereas banks are typically for-profit entities. Per NCUA[4] guidelines, credit unions return profits to members through improved rates and services rather than distributing them to shareholders.
How are credit unions regulated?
Per NCUA[10] rules, credit unions operate under dual chartering, with federal institutions regulated by the National Credit Union Administration and state-chartered institutions by respective state financial regulators. Both must comply with federal insurance requirements through NCUA.
What is the SBA size standard for credit unions?
Per SBA standards[7], credit unions qualify as small businesses with average assets of $850 million or less, calculated using the NCUA 5300 call report form.
How many members do U.S. credit unions serve?
Per NCUA data[4], 145 million members participate in federally insured credit unions, representing roughly 42 percent of the U.S. population with access to credit union services.
What types of loans do credit unions offer?
Per NCUA[10] data, credit unions provide consumer loans, auto loans, home mortgages, credit cards, and business loans to eligible members. Outstanding loans totaled $1.70 trillion with 4.4 percent annual growth.
How many people work in the credit union industry?
Per Bureau of Labor Statistics[11] data, credit union employment reached 355,000 positions by year-end 2024, supporting member services across branch locations, loan operations, technology, and administrative functions.
Are credit union deposits insured?
Yes, per NCUA[10] rules, deposits in federally insured credit unions are protected. Coverage extends to $250,000 per member per institution, providing the same protection level as FDIC insurance for bank deposits.
What are the requirements to join a credit union?
Per NCUA[10] guidelines, membership requirements vary by institution and depend on defined common bonds such as employment, residence in a geographic area, association with an organization, or family relationships. Individual credit unions establish eligibility criteria within regulatory guidelines.
Sources & References
Government datasets and editorial sources used in this report.
- [1]U.S. Bureau of Labor Statistics, Quarterly Census of Employment and Wages bls.gov
- [2]U.S. Census Bureau, Economic Census census.gov
- [3]U.S. Census Bureau, County Business Patterns census.gov
- [4]NCUA data ncua.gov
- [5]Census Bureau data.census.gov
- [6]SBA sba.gov
- [7]SBA size standards sba.gov
- [8]SBA 7(a) loans sba.gov
- [9]504 loans sba.gov
- [10]NCUA ncua.gov
- [11]Bureau of Labor Statistics bls.gov
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