America's credit unions are performing well, with loans growing more than 8% a year since 2018 and deposits 9%, according to 2023 data from the NCUA. Both figures are slightly higher than those delivered by banks. Member satisfaction is generally high, and credit unions have maintained their market share, at 15%. They have long played a critical role in the U.S. financial sector.

But will it last? Returns on assets fell 23% last year, the NCUA reported, and the number of credit unions has shrunk 3% since 2018, while their share of new accounts has also declined. It's certainly not good news that almost all the growth is coming from the baby boomers (born 1946-65) – in other words, people in or near retirement. From 2015-23, the share of credit union membership among Gen Xers (born 1966-80) shrank by nine percentage points, and that of millennials (born 1981-96) by three. The share of Gen Zers (born starting in 1997) has stayed stable but at a low level (10%, compared to 39% for baby boomers). That is not a recipe for long-term success.