Credit Union Brokered Deposits Continue to Grow

Credit union insured nonmember deposits grew dramatically after 2013 and peaked in the first quarter of 2020. These deposits have begun increasing again as of the third quarter of 2021.

Credit unions’ insured nonmember deposits equal total reported nonmember deposits less uninsured nonmember deposits. In the third quarter of 2021, insured nonmember deposits were $9.6 billion, up from $9.5 billion in 2021Q2, but below the peak of $11.5 billion in 2020Q1. IDC Financial Publishing (IDCFP) projects the recovery in insured nonmember deposits will increase to $10.5 billion by the end of 2022 and rise to a new high of $12 billion by 2024.

Chart I

The number of credit unions with insured nonmember deposits peaked at 1,056 in the fourth quarter of 2019 and declined to 846 as of September 30, 2021. IDCFP forecasts this number of credit unions will increase to 900 by the end of 2022, or early 2023, and reach 1,000 by 2024.

To calculate an estimate of total brokered CDs for credit unions, IDCFP matches credit unions with insured nonmember deposits with credit unions that have an outstanding CUSIP number for brokered CDs. In the third quarter of 2021, 182 credit unions had insured nonmember deposits and a CUSIP, for a total amount of $5.8 billion or 60.5% of total uninsured nonmember deposits. This total from 2021Q3 was $243.4 million above the 2021Q2 total of $5.6 billion. The last quarter represents a reversal of the decline since a year earlier in 2020Q3 when the total was $5.97 billion. In addition, the percent of insured nonmember deposits with CUSIPs rose from 54.5% of total uninsured nonmember deposits in 2020Q3, to 58.3% in 2021Q2, and to 60.5% in 2021Q3.

Some 160 credit unions have insured nonmember deposits and a CUSIP for issuing brokered CDs, and 330 credit unions with insured nonmember deposits greater than $1 million, not currently issuing brokered CDs, but are seeking nonmember deposits to sustain growth. These institutions are, therefore, excellent candidates for issuance of insured nonmember deposits with CUSIPs (or brokered deposits) in the future.

In addition to various custom reports, IDCFP offers a list of credit unions issuing insured nonmember deposits with outstanding CUSIPs as well as credit unions with insured nonmember deposits without CUSIPs as potential new issuers of brokered deposits. The detailed list of each credit union’s deposits and CUSIPs held, plus additional information including a credit union’s respective growth and rank, is available upon request to IDCFP’s online premium subscribers as well as subscribers of IDCFP’s credit union database at

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John E Rickmeier, CFA

Robin Rickmeier
Marketing Director