Thank you for sharing!

Your article was successfully shared with the contacts you provided.

MADISON, Wis. — A new study from the Filene Research Institute suggests that credit unions shift their operations in a more sustainable direction, partly to help them overcome the limits of their own success.

Stuart Hart, a professor of sustainable enterprise at Cornell University, and a colleague, Monica Touesnard, conducted the study.

“Rather than competing directly with banks, Hart and Touesnard conclude it may make more sense for credit unions to go ‘back to the future’ by using their unique historical and organizational characteristics (e.g., tax-exempt status, cooperative ownership, community lending and focus on the underserved) to offer a set of products and services that differentiate them from banks and other financial services providers,” wrote George Hofheimer, chief research officer for Filene in an introduction to the report. In the beginning, credit unions as financial cooperatives served the financial needs of people who were largely overlooked and ignored by a traditional banking industry intent on serving the needs of business or wealthier classes of people, the authors argued. But over time, the banking industry has changed to offer financial services in a more universal way and, ironically, credit unions have not become more like banks but banks have become more like credit unions, they added.

Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.

Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Critical CUTimes.com information including comprehensive product and service provider listings via the Marketplace Directory, CU Careers, resources from industry leaders, webcasts, and breaking news, analysis and more with our informative Newsletters.
  • Exclusive discounts on ALM and CU Times events.
  • Access to other award-winning ALM websites including Law.com and GlobeSt.com.

Already have an account?


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
Live Chat

Copyright © 2022 ALM Media Properties, LLC. All Rights Reserved.