WHY DOES THE REPORT USE BANKER RHETORIC IN DESCRIBING CREDIT UNIONS, RATHER THAN CONGRESS FIVE-POINT DEFINITION?
Another aspect of the report that we found highly disturbing is that a number of descriptions in the report regarding credit unions are very similar to the mischaracterizations that the banking industry routinely uses. Some of the most biased statements in the report are found on page 160, reflecting banker rhetoric that credit unions must only serve those of modest means and must remain small institutions. While credit union size is not a perfect proxy for this trend, the report states, the increasing share of credit unions assets held by larger credit unions indicate movement toward a broader focus. This statement wholly distorts the fact that credit unions have but 6% of the combined assets of all depository institutions, which they have held for the last ten years. Also, the rising importance of economies of scale is leading to consolidation among all types of financial institutions. The increase in concentration in the banking industry in the past two decades dwarfs that of credit
Related Questions
- Where should credit unions report overdraft protection program advances (also referred to as bounced-check protection and courtesy pay)?
- WHY DOES THE REPORT USE BANKER RHETORIC IN DESCRIBING CREDIT UNIONS, RATHER THAN CONGRESS’ FIVE-POINT DEFINITION?
- WHY DOES THE REPORT USE BANKER RHETORIC IN DESCRIBING CREDIT UNIONS, RATHER THAN CONGRESS FIVE-POINT DEFINITION?
