The NCUA approved 12 consolidations in January 2014, down from 17 in January 2013, and 22 in January 2012.
Credit unions in Utah, Wisconsin and Michigan said they completed mergers earlier this month.
The NCUA approved only about half as many mergers in January as it did two years earlier.
Although mergers completed in 2013 decreased from 2012, NCUA Economist John Worth said the pace hasn't changed much since 2000.
Small Pennsylvania credit union to merge into billion-dollar New York institution.
Agency's latest merger report shows consolidation trend continuing.
Tennessee corporate to take in Kentucky counterpart, second merger in two years for VolCorp.
United Chemi-Con Manufacturing Employees CU now part of Summit CU in Greensboro.
CEO retirement leads to decision to merge.
Cincinnati credit union to merge into Connexus in Wausau, Wis., on Jan. 1.