WASHINGTON-According to data recently collected by CUNA, credit unions are taking over an increasing portion of the financial institutions market share. Of federally insured financial institutions, banks still hold the vast majority of the market with 78.9%. Thrifts represent a distant second with 15.5% of the market. Credit unions, while still a minor part of the market hold 5.7% of the financial institutions' market assets. With $450 million in aggregate assets, federally insured credit unions hold more wealth than ever before. However, credit unions' growth pales in comparison with the federally insured banks, which hold $6.24 trillion in assets. Savings and loans are stuck in the middle again with $1.22 trillion in total assets. [email protected]
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