The 1998 Credit Union Membership Access Act resulted in the active dissolution of the common bond requirement. Now credit unions are able to include more geographic area into their member base. However, over the years the total number of credit unions have been reduced, but the average size of total assets escalated severely along with the increase in total number of members. Amid the economic recession in 2002 and the financial crisis during 2008-2009, credit unions had to struggle in minimizing costs of operation to stay competitive with the commercial finance institutions. In this study, X-efficiency scores (with and without off-balance sheet items) of each of the credit unions from 1994 through 2012 were calculated by dividing data into four periods of importance to analysis each period individually. A Tobit regression was run to understand the variations in performances by each group of credit unions.