The Impact of Credit Unions on the United States

When it Comes to PPP, Credit Unions are MIA Credit unions spend a lot of time and millions of marketing dollars touting their commitment to their members and to the greater cooperative good. “For people, not profit” is so ubiquitous a saying among the promoters that it is nearly as over-used as giant credit union PenFed’s “great rates for everyone” commercial jingle.

The Top Five Reasons Why Congress Should Review Credit Unions 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.

Survey: Americans Increasingly Unhappy with Credit Unions’ Customer Service, Mobile Products, and Interest Rates Turns out credit unions might not be so great when it comes to customer satisfaction, a claim they use to justify their absurd tax status and ever-expanding, disingenuous expansion into markets with no logical “common bond” among members.

Some Good Questions for NCUA Chairman Todd Harper On Wednesday, the House of Representatives Committee on Financial Services will hold a hearing focused on “Oversight of Prudential Regulators: Ensuring the Safety, Soundness, Diversity, and Accountability of Depository Institutions.” Among other financial services regulators, the NCUA Chairman will be testifying.

Pandemic Masks Credit Union Ambitions It’s odd that the credit union industry is using the ongoing global pandemic to make a desperate push for expanded business lending authority and broader “common bonds.” When Congress gave credit unions the tools weeks ago to make forgivable loans to struggling small businesses through the PPP, they weren’t interested.