Use of Financial Services, Liabilities: Outstanding Deposits at Credit Unions and Financial Cooperatives for Canada
CANFCLODUXDC • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
475,475,000,000.00
Year-over-Year Change
93.33%
Date Range
1/1/2004 - 1/1/2024
Summary
This economic trend measures the outstanding deposits held at credit unions and financial cooperatives in Canada. It provides insights into the usage and reliance on these financial services by Canadian consumers and businesses.
Analysis & Context
This economic indicator provides valuable insights into current market conditions and economic trends. The data is updated regularly by the Federal Reserve and represents one of the most reliable sources for economic analysis.
Understanding this metric helps economists, policymakers, and investors make informed decisions about economic conditions and future trends. The interactive chart above allows you to explore historical patterns and identify key trends over time.
About This Dataset
The Use of Financial Services, Liabilities: Outstanding Deposits at Credit Unions and Financial Cooperatives for Canada trend tracks the total value of deposits maintained at these institutions. It is an important indicator of the public's engagement with community-oriented financial services and the overall health of the cooperative banking sector.
Methodology
The data is collected by Statistics Canada through surveys of credit unions and financial cooperatives operating in the country.
Historical Context
This trend is closely monitored by policymakers, financial regulators, and economists to assess the stability and accessibility of the Canadian financial system.
Key Facts
- Credit unions hold over $300 billion in deposits in Canada.
- Cooperative financial institutions serve over 10 million Canadian members.
- Deposits at credit unions have grown by 5% annually over the past decade.
FAQs
Q: What does this economic trend measure?
A: This trend measures the total value of deposits held at credit unions and financial cooperatives operating in Canada.
Q: Why is this trend relevant for users or analysts?
A: This trend provides insights into the public's engagement with community-oriented financial services and the overall health of the cooperative banking sector in Canada.
Q: How is this data collected or calculated?
A: The data is collected by Statistics Canada through surveys of credit unions and financial cooperatives in the country.
Q: How is this trend used in economic policy?
A: This trend is closely monitored by policymakers, financial regulators, and economists to assess the stability and accessibility of the Canadian financial system.
Q: Are there update delays or limitations?
A: The data is published on a regular basis by Statistics Canada, but may be subject to revisions or delays in reporting.
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Citation
U.S. Federal Reserve, Use of Financial Services, Liabilities: Outstanding Deposits at Credit Unions and Financial Cooperatives for Canada (CANFCLODUXDC), retrieved from FRED.