NAPERVILLE, Ill. — Carl Sorgatz, president/CEO of Hawthorne Credit Union, Naperville, Ill. and chairman of the Illinois Credit Union League, said the nature of credit union competition can change "as frequently as fast foods" so CUs need to be nimble to adapt.
Commercial banks like JPMorgan/Chase and Bank of America are obvious direct competitors to CUs like his in suburban Chicago and doing well in the online arena. And then, he said, there are the online competitors like ING. Also, Countrywide, despite its liquidity problems, remains a fierce competitor for deposits and is paying a high rate.
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