Speaking at an Operation Choke Point forum, the congressman said growth pressures force credit unions to act like banks.
The new Javelin study is blunt: consumers crave online and mobile account opening but financial institutions are stumbling and uncertain in their embrace of this trend.
Credit unions cited in Javelin report as needing to step up ability to open accounts on smartphones.
Bank Transfer Day encouraged consumers to walk into credit union branches and open accounts last Nov. 5. And as credit unions reviewed their deposit growth data from fourth-quarter 2011, many viewed the media-hyped event a success.
Javelin study finds opportunity for credit unions with $675 billion in deposits in possible play.
The spate of Southeast bank failures is providing some extra bargains for credit unions that are able to acquire abandoned bank branches and other property.
Imagine paying your house payment while riding in a double decker bus in London or making your Visa payment while waiting for a plane.
Javelin researcher says "many credit unions still do not offer mobile banking apps and that is what users want."