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Credit Union Competition Resources
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Is there a non-traditional credit union in your market? ABA is always looking for examples of "morphed" credit union activity. If you have something you would like to send us, email Keith Leggett.
NOTABLE QUOTE
"Community bankers are increasingly subject to more intense competition from credit unions that, in many cases, have evolved from small niche players to full-service retail depository institutions. In the past ten years, the number of credit unions with assets exceeding $1 billion increased almost five-fold, from 20 institutions in 1994 to 99 institutions today -- and the credit union industry continues to grow nationwide. With ever-expanding fields of membership and banking products, credit unions are now competing head-to-head with banks and thrifts in many communities, yet the conditions under which this competition exists enable credit unions to operate with a number of advantages over banks and thrifts. These advantages include exemption from taxation, not being subject to the Community Reinvestment Act, and operation under a regulatory framework that has supported and encouraged the growth of the credit union movement, including broadening the "field of membership." These advantages make for an uneven playing field, a condition that Congress should reexamine and seek to resolve."
John Reich, Vice-Chair, Federal Deposit Insurance Corporation, June 9, 2005, Testimony before the House Subcommittee on Financial Institutions and Consumer Credit.
Questions? Please contact Keith Leggett for more information.
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