financial study with a focus on credit unions Source: Shutterstock.

Credit unions increasingly are abandoning their mission to serve Americans of modest means and are becoming indistinguishable from banks, a private research company said this week, in a study funded by the American Bankers Association.

“Mounting evidence also suggests that the credit-union sector as a whole now largely serves middle- and upper-income households, not those with the ‘small mean’ to which the law dedicates their charters or even those with the ‘modest means’ cited by the industry’s regulator when credit-union customers are judged by the actual income and wealth distributions of U.S. households,” Federal Financial Analytics said, in the report.

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