Consumer survey: Credit Unions Lead among Financial Institutions, But Banks Are Gaining (Misc News: December 15, 2010)
Credit unions continued to lead banks in another consumer survey, this one released Tuesday, although banks are gaining.
The American Consumer Survey Index, based in Ann Arbor, said that credit unions scored an 80 in its survey, compared to score of 76 for banks. But small banks equaled credit unions’ score.
Despite increasing fees, ACSI said banks actually increased their index score 1.3 percent. Credit unions actually fell 4 points or 4.8 percent, as compared to 2009.
ACSI blamed the decline among credit unions on the credit unions’ recent expansion.
“The difficulties in managing rapid growth are partly to blame, as regulators have allowed credit unions to expand offerings to include more mortgage and investment banking activity,” the report said.
While credit unions and small banks scored the same on the survey, CUNA President/CEO Bill Cheney noted that the "very real and fundamental difference between banks and credit unions, regardless of size: Credit unions' not-for-profit, cooperative structure."
Click here to see the full report, which deals with a wide variety of service industry providers.