Shop Therapy: A Bank Buying Bonanza. Large credit unions have been gobbling up smaller credit unions by the dozen, with 187 acquisitions last year, according to the Wall Street Journal. With fewer targets remaining, acquisitive not-for-profit credit unions have turned their attention elsewhere, buying a record number of banks.
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.