The credit union industry has undergone significant changes in the past decade with highs and lows across the cooperative landscape. Through thick and thin, the importance of noninterest income to the typical credit union's bottom line is a part of that story.

Each credit union has its own tale to tell. Within a 10-year period, the industry has consolidated by over a third. As of the third quarter of 2006, there were 8,696 member-owned financial cooperatives. That number has now dipped below the 6,000 mark, reaching 5,967 as of the third quarter of 2016.

Ten years ago, the housing bubble was also on the brink of bursting while the country was about to slide into the worst recession since the Great Depression. Ten years later, unemployment is down significantly, the stock market is swinging upwards, and the credit union industry continues to post record numbers, including assets (more than $1 trillion) and members (more than 106 million).