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New Online Voting Poll: Why The Increased Banker Attacks?

WEST PALM BEACH, Fla. - Over the years banking groups have attacked credit unions in one way or the other, whether it be through legal action, lobbying or sound bites, but of late the attacks coming from banker groups has been particularly intense. Why now? Do banking groups simply use...

By Staff Writer | Updated on April 06, 2004

WEST PALM BEACH, Fla. – Over the years banking groups have attacked credit unions in one way or the other, whether it be through legal action, lobbying or sound bites, but of late the attacks coming from banker groups has been particularly intense. Why now? Do banking groups simply use credit unions as a lightning rod issue to show members they’re fighting the good fight? Are they more concerned now about the competitive threat credit unions pose? Is it because the Credit Union Regulatory Improvements Act is on the table? Credit Union Times hopes participants in its latest online voting poll can shed some light on the increased bankers attacks. The new poll question reads as follows: What’s behind the intensified attacks against credit unions coming from banking groups? * Timing, given that a favorable CU bill, CURIA, has been introduced, * Banking groups like to use CUs as a lightning rod issue to unite members, * Credit unions’ expanded powers makes them a more competitive threat, * Bankers concerned about growing number of large asset CUs, * With flourishing CU assets, they believe timing is right to argue to Congress that CUs were created to serve people of modest means.

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