The U.S. credit union industry

The total assets of U.S. credit unions have been rising in the 1990s, and the industry has shown steady health. Figures for 1994 show that assets stood at $296.8 billion, a 7.6 percent increase from June 1993 and a 28 percent increase from the midyear 1991 figures. According to Veribanc, credit unions had accumulated almost $27 billion of equity, more than 9 percent of their total assets. At the same time, though, it was noted that there was a 12 percent drop in earnings in the first quarter of 1994 and that the number of unprofitable unions had increased to 10.7 percent.

. . .
id 6 percent, while a oneyear bank CD paid 5.2 percent. For moneymarket deposit accounts, credit unions paid 3.9 percent on average, versus a 2.7 percent average from banks. Credit unions also provide a better deal on borrowing and credit card rates, with a recent average of 8.5 percent for newcar loans compared with 9.6 percent from banks, and an average 13.1 percent interest rate on credit cards versus a bank average of 18.2 percent. Such rates are available to the more than 69 million people who are already members of credit unions in the U.S. It is estimated that there are 40 million more Americans eligible to join, including those who could join a "community" credit union open to any resident of its town, city or county (Goldwasser, 1995, 28). Traditionally, credit unions have provided loans to customers often shunned by banks, such as small businesses, low-income home buyers, and rural communities. In 1993, President Clinton proposed a larger role for credit unions when he suggested the creation of a national network of community development financial institutions to include the concept of credit unions (Brown, 1993, 84-85). Even as new opportunities arise, credit unions do face some of the same pressures facing ba
. . .

Some common words found in the essay are:
Union Administration, According Veribanc, , President Clinton, credit unions, credit union, Finance Magazine, January-February Credit, Union Executive, North Carolina, Journal Accountancy, Bankers Association, bank fees, percent increase, credit union administration, credit union executive, real estate, below bank, common bond, fees 1996, union administration, fees creep, below bank fees, fees creep below, creep below bank,
Approximate Word count = 1686
Approximate Pages = 7 (250 words per page)

More Essays on The U.S. credit union industry