Voting Poll Results: Competition Comes in Many Forms

WEST PALM BEACH, Fla. – Who are credit unions' major competitors? Based on a just expired Credit Union Times' online voting poll, it depends on which credit union you ask. A few years back, credit unions were getting concerned about the E*Trade's and Schwabb's of the world, but brokerage firms don't seem to pose a big threat these days based on poll results. Some credit unions believe big banks are their major competitor, while others point to community banks. However, other credit unions garnered the most votes. The following is the question and the results: "Where does your credit union's greatest competitive threat come from?" * Community Banks 25.31% * Large, Commercial Banks 22.22% * Other Credit Unions 40.43% * Brokerage Firms 4.63% * Other 7.41% 324 total vote(s)