SIC 6061 Credit Unions, Federally Chartered

Encyclopedia of American Industries | 2005 | Copyright

SIC 6061
CREDIT UNIONS, FEDERALLY CHARTERED

This industry classification includes cooperative thrift and loan associations (accepting deposits) organized under Federal charter to finance credit needs of their members.

NAICS Code(s)

522130 (Credit Unions)

Industry Snapshot

Credit unions spent the late 1990s and early 2000s diversifying their range of services in order to attract new members and maintain current ones amid intensifying competition from commercial banks. By the start of the twenty-first century, the 1999 repeal of the Depressionera Glass-Steagall Act had fostered the development of "financial supermarkets," as banks expanded into and merged with insurance operations and securities brokerages. Because customers in the early 2000s were increasingly conducting most or all of their financial business with a single firm, credit unions faced the complicated pressure of promoting their unique benefits while simultaneously assuming more characteristics of commercial banks.

A credit union is a collective, cooperative financial institution created and owned by its members for their own benefit. Credit unions collect members' savings and make loans to members from these accumulated savings. Unlike commercial banks, credit unions are non-profit organizations. The formation of credit unions was encouraged by a broad cooperative movement in the early years of the industrial revolution that focused on providing affordable financial services to people of modest means.

Membership in a credit union is limited to individuals or groups who are members of the organization (employer, association, residence, etc.) specified in its charter. These membership criteria are collectively known as the common bond provisions. Individuals qualified under these provisions may submit an application and, if approved, become members with voting rights similar to those of shareholders in public corporations. In 2001, about 79 million members belonged to 10,000 credit unions nationwide. Assets that year grew 14 percent to reach $501.4 billion.

The system of credit unions in the United States is quite extensive. In 2001, some 6,118 credit unions were chartered under federal law, with membership ranks totaling 43.8 million and assets of $270.1 billion. State-chartered credit unions totaled 3,866 with 35.5 million members and $231.2 billion in assets.

Organization and Structure

Credit unions are organized according to a general philosophy called the Rochdalian Principles. This...

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