Federal Financial Analytics Independent Study on Credit Unions
A recent report found that credit unions are falling short of their mission to serve households of “small means.” In fact, according to the research by respected analyst Karen Shaw Petrou, credit union members are disproportionately from middle- and upper-income households, and credit unions’ lack of “mission compliance” deepens U.S. economic inequality.
Policymakers are being strongly encouraged to read this report so they can judge for themselves if today’s credit union industry is meeting the mission Congress intended, and whether the NCUA is providing the regulatory oversight consumers deserve. Read the Federal Financial Analytics news release.