WASHINGTON – The FDIC recently reported that commercial banks and savings institutions finished the first quarter with a record quarterly net income of $37.3 billion. Last quarter beat out the previous record of $34.6 billion set in the third quarter of 2005 and exceeded first quarter 2005 by 9.5%. According to the FDIC, "Loan growth remained robust, with particular strength in commercial lending." The industry was buoyed by improved performance by larger institutions. Real estate construction and commercial loans demonstrated "growing momentum." Just like credit unions, banks' net interest margins are getting pinched.

CUNA President and CEO Dan Mica immediately chastised bankers for picking on credit unions while banker profits soar. "The latest profit report from the Federal Deposit Insurance Corp. for banks and thrifts is merely more evidence that bankers' carping about the credit unions is just more hot air," he said. After a report like this one, Mica asked, "How could credit unions possibly be having any impact on this industry – except standing in the way of even more earnings?"

He also chided the bankers for arguing over who would pay premiums into the FDIC to maintain the appropriate reserve ratio. "They squabble, because they want nothing to get in the way of the future of record profits – not even the soundness of their own federal deposit insurance fund," he said. Mica concluded, "For bankers, it is clear: It's all about the money, nothing more."