Tools commonly used in the Federally Chartered Credit Unions industry for day-to-day tasks and operations.

• CU*BASE
• Symitar Episys
• Fiserv DNA
• FLEX
• Sharetec
• CU Direct
• MeridianLink
• CUNA Mutual Group
• CO-OP Financial Services
• PSCU

Common products and services typical of NAICS Code 522130-06, illustrating the main business activities and contributions to the market.

• Personal Loans
• Auto Loans
• Mortgage Loans
• Checking Accounts
• Savings Accounts
• Credit Cards
• Online Banking
• Mobile Banking
• Business Loans
• Student Loans

The specific certifications, permits, licenses, and regulatory compliance requirements within the United States for this industry.

• National Credit Union Administration (NCUA) Charter: Federally chartered credit unions must obtain a charter from the NCUA, which is responsible for regulating and supervising federal credit unions in the US. The charter is required to operate as a federally chartered credit union.
• National Credit Union Administration (NCUA) Insurance: Federally chartered credit unions must obtain insurance from the NCUA to protect their members' deposits. The insurance is required to operate as a federally chartered credit union.
• Bank Secrecy Act (BSA) Compliance: Federally chartered credit unions must comply with the BSA, which requires financial institutions to assist US government agencies in detecting and preventing money laundering.
• Community Reinvestment Act (CRA) Compliance: Federally chartered credit unions must comply with the CRA, which requires financial institutions to help meet the credit needs of the communities in which they operate, including lowand moderate-income neighborhoods.
• Truth In Lending Act (TILA) Compliance: Federally chartered credit unions must comply with TILA, which requires lenders to disclose the terms and conditions of credit to consumers.

A concise historical narrative of NAICS Code 522130-06 covering global milestones and recent developments within the United States.

• Federally Chartered Credit Unions have a long history dating back to the early 1900s when the first credit union was established in Germany. The concept of credit unions spread rapidly throughout Europe and North America, and by the 1920s, the first credit unions were established in the United States. The Federal Credit Union Act of 1934 established the National Credit Union Administration (NCUA) and provided a framework for the creation of federally chartered credit unions. Since then, the industry has grown significantly, with over 5,000 federally chartered credit unions in the United States alone. In recent years, the industry has faced challenges such as increased competition from banks and fintech companies, as well as regulatory changes. However, federally chartered credit unions have continued to thrive and provide valuable financial services to their members.

The anticipated future trajectory of the NAICS 522130-06 industry in the USA, offering insights into potential trends, innovations, and challenges expected to shape its landscape.

• Growth Prediction: Stable

  The future outlook for Federally Chartered Credit Unions in the USA is positive. The industry is expected to continue to grow as more consumers seek out credit unions as an alternative to traditional banks. The industry is also expected to benefit from the increasing popularity of mobile banking and other digital financial services. However, credit unions will face challenges from regulatory changes and increased competition from fintech companies. Overall, the industry is expected to remain stable and continue to provide valuable financial services to consumers across the country.

Recent groundbreaking advancements and milestones in the Federally Chartered Credit Unions industry, reflecting notable innovations that have reshaped its landscape.

• Digital Banking: Federally Chartered Credit Unions have been investing in digital banking platforms to provide their members with more convenient and accessible financial services.
• Mobile Apps: Many credit unions have developed mobile apps that allow members to manage their accounts, deposit checks, and transfer funds from their smartphones.
• Contactless Payments: Some credit unions have started offering contactless payment options, such as Apple Pay and Google Wallet, to make transactions faster and more secure.
• Financial Education: Federally Chartered Credit Unions have been providing financial education programs to their members to help them make informed decisions about their finances.
• Community Involvement: Many credit unions have been actively involved in their local communities, supporting local businesses and organizations and providing financial assistance to those in need.