The number of Credit Union Membership is fairly well-distributed across the various Asset Group Sizes in terms of percentage. Credit Unions have reached $926 million in total assets as of 2010. Compared to their banking brethren, it pales in comparison.
Bank of America, J.P. Morgan Chase, Wells Fargo, Citigroup, and Goldman Sachs each are larger in asset size than ALL the Credit Unions combined. The top 5 banks now control 50% of the assets in these institutions, and just two years ago it took the top 15 banks to control 50%. Banks have slightly more institutions than credit unions, however the bigger credit unions are garnering a larger % of the asset pie just like the bigger banks.
What is abundantly clear…
- 82% of the credit unions have an asset size <$100 million.
- 53% have asset size <$20 million.
- The big have become too Big to Fail.
- Both FDIC and NCUSIF funds are basically insolvent, and will have to collect for years the premiums to pay for past failures.
- These institutions will hasten mergers and failures if we have another financial meltdown.