WBA joined a group of 51 state bankers associations in sending a letter to congressional leaders calling for a review of the credit union industry to determine whether it is living up to its statutory mission of serving people of “small means.” 

The letter addresses recent research that suggests that modern credit unions are a contributing factor to the widening of economic inequality. The report details how credit unions, especially larger credit unions, are increasingly expanding services to high-income customers, promoting lucrative business lines (including commercial real estate development and aircraft finance), and making high-risk loans without adequate capital.

The letter may be viewed by clicking here.