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WASHINGTON — The credit union trade associations are pounding home the messages from a new Government Accountability Office study finding that credit unions have not negatively impacted the ability of banks and thrifts to make money.

The study, requested by then-Representative Bernie Sanders (I-Vt.) who now serves in the Senate, found that banks and thrifts’ net income increased an average of 7% annually over the last decade, while credit unions’ net income was up just 3% in the same time period. “While they are claiming credit unions are taking over the world, their net income is more than twice that of credit unions,” NAFCU Director of Legislative Affairs Brad Thaler observed. Sanders’ request for the study was timed with NAFCU’s 2006 Annual Conference.

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