Federal Reserve Governor Michelle Bowman called on federal policymakers to analyze the impact of credit unions and non-bank lenders in local markets before approving bank combinations, during the Conference of State Bank Supervisors’ Community Bank Research Conference on September 28.
Lack of Accountability
Credit unions insist they are different than banks, and they are: they are less regulated. They hide behind the veil of their proud history as financial service providers to at-risk communities, and avoid rigorous regulatory oversight. Inadequate reporting standards have shielded the credit union industry from scrutiny.