HOBOKEN, N.J.–Visitors to www.cutimes.com ranked erosion of the credit union philosophy as the "greatest threat" to credit unions.
Far and away concern for the loss of the credit union philosophy came in at the top with 35.5% of respondents voting it as the biggest threat to the future of credit unions.
"Competition" came in a notable second capturing 19.7% of voters, while "removal of the tax-exemption" was a close third.
Other threats to the future of credit unions included:
- Economic pressures (13.1%)
- Leadership losses (7.4%)
- Bank conversions (7.0%).
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