Credit unions again set a record in their share of consumer loans in June with most of the gain being driven by car loans, according to a Federal Reserve Board report Monday.

Total loans to consumers stood at $3.8 trillion on June 30, up 5.8% from a year earlier. But credit union portfolios rose twice as fast: They held $398.2 billion in consumer debt on June 30, up 12.4%.

That gave credit unions a 10.59% share of consumer credit in June, their highest share since December 2000. Their share stood at 10.56% in May and 9.96% in June 2016.

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The gains were at the expense of banks and finance companies.

Banks held $1.5.trillion in consumer debt on June 30, up 4.7% from a year earlier. Banks' share was 39.66% in June, down from 39.53% in May and 40.08% in June 2016.

Finance companies' consumer loans fell 0.4% to $664.2 billion in June from a year ago. Their share fell to 17.40% in June from 17.59% in May and 18.47% in June 2016.

Total non-revolving loans rose 5.8% to $2.8 trillion, while credit unions' non-revolving loans grew 13.2% to $350.9 billion. Credit unions held 12.39% of the non-revolving loans in June, their highest share since November 2009. It was up from 12.34% in May and 11.57% share in June 2016.

Banks held $690.3 billion in non-revolving consumer credit in June, up 3.9% from a year ago. Banks shares of non-revolving loans was 24.37% in June, down 44 basis points from a year earlier, while the share held by finance companies fell to 21.43%, down from 22.9% a year earlier.

This month's Fed's Consumer Credit report includes student loans and car loans, which accounted for 91% non-revolving consumer loans in June. The rest is a medley of loans for recreational vehicles, boats, motorcycles, computers and appliances.

Nationally, consumers owed $1.1 trillion on cars at the end of June, up 5.5% from a year ago.

The Fed report doesn't break out car loans by credit unions. However, car loans typically account for about 92% of non-revolving consumer loans at credit unions. If that holds, credit unions' share of car loans are likely to be in the neighborhood of 29%, up from 28% in March and 26.6% in June 2016.

Student loans, both public and private, grew 6.2% to $1.4 trillion with federally loans growing 9.6% to nearly $1.1 trillion. The amount held by credit unions also isn't included in the Fed report. NCUA's latest report shows credit unions had $4 billion in private student loans in March.

Total U.S. credit card debt stood at $984.9 billion on June 30, up 5.8% from a year earlier.

Credit unions' card debt grew 7.3% to $53.3 billion in June. Credit unions held 5.42% of credit card debt in June, down by 1 basis point from May and up from 5.34% in June 2016. Credit unions hit their all-time peak share of 5.46% in March.

Banks held $805.8 billion in credit card debt on June 30, up 5.3% from a year earlier. Banks' share of credit cards was 83.63% in June, down from 83.98% in June 2016.

Finance companies' held $57.1 billion in credit card debt, up 6.5% from a year ago. Finance companies' share was 5.79% in May, up from 5.75% a year earlier.

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Jim DuPlessis

Jim covers economic data trends emerging for credit unions, as well as branch news and dividends.