WASHINGTON — The Government Accountability Office today releaseda study finding that credit unions have not negatively impacted theability of banks and thrifts to make money.
|The study, requested by then-Representative Bernie Sanders(I-Vt.), found those banks' and thrifts' net income increased anaverage of 7% annually over the last decade, while credit unions'net income was up just 3% in the same timeframe. “While they areclaiming credit unions are taking over the world, their net incomeis more than twice that of credit unions,” NAFCU Director ofLegislative Affairs Brad Thaler observed. Sanders' request for thestudy was timed with NAFCU's 2006 Annual Conference.
|CUNA noted that the study showed bankers' return on averageassets has increased since 1993 to 1.27% and thrifts are at 0.96%while credit unions has remained relatively flat at 0.81%.”Thisstudy pounds a big dent into the bankers' persistent and loudargument to Congress that banks are suffering at the hands ofcredit union competition?? 1/2 ” CUNA President/CEO Dan Mica said.“ Their complaints–and opposition to CURIA–are rooted in theirfundamental zeal to drive out other providers in the financialservices industry.”
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