news.cuna.org/articles/122736-ncua-report-shows-strong-mdi-credit-unions-benefit-members-communities
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NCUA report shows strong MDI credit unions benefit members, communities

July 11, 2023

Minority depository institution (MDI) credit unions experienced growth in membership, assets, and loans in 2022, expanding access to financial services for their members and communities. NCUA released its annual MDI report to Congress showing MDIs reported $42.2 billion in loans outstanding in 2022, an $8 billion increase from the previous year. 

“Minority depository institutions are an essential component of the credit union system, providing access to safe, fair, and affordable financial products and services within under-resourced communities,” NCUA Chairman Todd Harper said. “MDIs during 2022 showed us just how essential they are. Not only did they give millions of Americans the chance to build better and more secure financial futures, their performance metrics in several categories were stronger than the credit union system overall.”

  • Generally, MDI credit unions saw improved financial performance metrics in 2022, in several categories outpacing growth in the credit union system overall:
  • The 503 MDI credit unions reporting at the end of 2022 is a slight decrease from year-end 2021, when there were 509. 
  • The 503 MDI credit unions served more than 5 million members, up from approximately 4.5 million in 2021. This represents an increase of 14.1 percent compared to the 4.4 percent membership growth in federally insured credit unions generally during the same period.
  • Of those 503 MDI credit unions, 411 also held the low-income credit union designation, and 104 were certified as Community Development Financial Institutions.
  • MDI credit unions’ total assets were $64.7 billion, up from $58.9 billion in 2021, an increase of 9.8 percent compared to the 5.2 percent growth in assets of all federally insured credit unions as a group during the same period.