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Bank Transfer Day: Aite Analyst Says Credit Unions Haven’t ‘Earned’ New Business

Aite Group's Ron Shevlin says CUs should recognize windfall happened "not for who they are but for who they aren't."

By Jim Rubenstein | Updated on November 02, 2011

Credit unions may have “won the lottery” as a result of the big banks’ giant misstep in pursuing debit fees but the fallout may be short-lived and is not one the industry garnered entirely on its own, according to Boston analyst Ron Shevlin.

“Certainly credit unions do not have to feel guilty about earning this great big pile of money,” maintained Shevlin, a senior analyst/researcher with the Aite Group. But, said Shevlin, they should recognize the windfall came to them “not for who they are but for who they aren’t.”

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