X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

WASHINGTON — As a result of hearings in the House Ways and Means Committee late in 2005, NCUA and the Government Accountability Office released data recently outlining credit union service to those of modest means and providing executive compensation data; GAO also performed a study of NCUA’s objectivity. The two studies came out with somewhat differing viewpoints based on the information analyzed. NCUA surveyed a statistically valid sample of federal credit unions, while the GAO relied on data collected as part of the Federal Reserve’s most recent Survey of Consumer Finance. NCUA’s data showed that federal credit unions are generally serving whom they were chartered to serve. NCUA’s Member Service Assessment Pilot program report illustrated that 60% of all federal credit union member households earned $60,000 or less, 82% earned $75,000 or less, and 96% earned $100,000 or less, based on 2000 Census data. NCUA’s report said this mix of diverse income levels is crucial to “an economically viable credit union system.”

Credit Union Times

Join Credit Union Times

Don’t miss crucial strategic and tactical information necessary to run your institution and better serve your members. Join Credit Union Times now!

  • Free unlimited access to Credit Union Times' trusted and independent team of experts for extensive industry news, conference coverage, people features, statistical analysis, and regulation and technology updates.
  • Exclusive discounts on ALM and Credit Union Times events.
  • Access to other award-winning ALM websites including TreasuryandRisk.com and Law.com.

Already have an account? Sign In Now
Join Credit Union Times

Copyright © 2019 ALM Media Properties, LLC. All Rights Reserved.