Study: Credit unions falling short on serving low-income people
By Victoria Guida
Credit unions need to do a better job of serving low-income customers to fulfill their mission, according to a new research paper from policy analysis firm Federal Financial Analytics. …It finds that credit union members “are disproportionately middle- and upper-income households, with the sector’s regulatory definition of ‘low-income’ reaching into higher-income groups than allowed under the criteria established by other federal-government agencies,” according to the paper written by Karen Petrou, a managing partner at the firm who has had a particular focus on economic inequality.