Crane Credit Union, of Crane, Ind., is buying its second bank of the year, saying it would purchase Spencer, Ind.-based Our Community Bank from Home Financial Bancorp in an all-cash transaction.
Lack of Accountability
Given the services they provide and their structure, credit unions should presumably adhere to stringent regulatory requirements — like banks do — and public disclosure requirements — like nonprofits do — but neither is the case. These substantial regulatory and disclosure gaps shield the credit union industry from proper scrutiny, which is a disservice to all Americans. This is especially problematic for those who support traditional, mission-driven credit unions facing competitive pressures from modern ones pursuing profits.