Credit unions gained a slightly larger share of consumer lending in May, as their loans for cars and credit cards grew faster than banks, the Federal Reserve reported Monday.
Total consumer credit stood at $3.8 trillion on May 31, up 5.8% from a year earlier, according to the Fed's monthly G-19 consumer credit report.
Credit unions held $398.2 billion of that debt on May 31, up 11.3% from a year earlier. Their share stood at 10.56% May 31, up from 10.54% in April and 10.04% in May 2016.
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