ABA-Funded Study Accuses Credit Unions of Abandoning Their Missions
By David Baumann
Credit unions increasingly are abandoning their mission to serve Americans of modest means and are becoming indistinguishable from banks, a private research company said this week, in a study funded by the American Bankers Association. “Mounting evidence also suggests that the credit-union sector as a whole now largely serves middle- and upper-income households, not those with the ‘small mean’ to which the law dedicates their charters or even those with the ‘modest means’ cited by the industry’s regulator when credit-union customers are judged by the actual income and wealth distributions of U.S. households,” Federal Financial Analytics said, in the report.