Banks should act like credit unions
Instead of seeking CU restrictions, banks should emulate the not-for-profits.
Credit union memberships are growing at more than three times the rate of U.S. population growth as more consumers recognize the credit union difference.
Credit unions rank first among industries in the American Customer Satisfaction Index and reflect double the score of big banks on the Chicago Booth Kellogg School Financial Trust Index.
More recently, credit unions received among the highest marks for service that Consumer Reports has ever given an industry in the magazine’s “Bank & Credit Union Buying Guide.”
Banks are noticing, and they’re stepping up their anti-credit union rhetoric in response. New, sustained campaigns aimed at convincing policymakers that credit unions represent unfair competition are again the order of the day.
As in the past, the solutions bankers are peddling include more regulation and changes to the credit union tax status.continue reading »