An editorial by The Register-Guard newspaper in Eugene, Oregon calls for greater scrutiny of credit unions.
The editorial states that "the emergence of mega-credit unions is weakening the political protection traditionally provided by their small size and member-owned, not-for-profit status. As the distinctions between banks and credit unions blur, legislative scrutiny will intensify."
The editorial notes that one Oregon CU CEO's compensation was "more in line with Wall Street than Main Street."
The editorial ends with "[t]he days when credit unions occupied a small niche in the financial services industry are over. The size and reach of some credit unions ensures that they will be more energetically targeted by competitors and more closely watched by lawmakers. Credit unions won’t like it — but it’s an appropriate consequence of success."
Read the editorial.
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