The recent growth has, however, been very lopsided and has led to much concentration. According to data available for 2003, the six largest credit unions with assets ranging from $ million to $ million, account for about one-half of total credit union assets and the largest 17 credit unions account for three-quarters of the industry’s assets.
The smaller institutions raise resources from shares and savings deposits and make small loans for consumer purposes; these are essentially run as co-operative societies and are based on principles of volunteerism. In the case of the large credit unions, we have a new paradigm involving products and services more readily associated with the commercial banks.