What's "The Difference"? Credit Unions Do, Banks Don't !

B-oinkers keep yelling about credit unions!
Yellen sees it differently...

The American Bankers' Association (ABA) and the Independent Community Bankers of America (ICBA) repeatedly call for that imaginary "level playing field" between banks and credit unions.

"The squealers" claim that there are no longer any great differences between banks and credit unions. The distinguishing lines between an investor-owned, for-profit bank and a member-owned, not-for-profit cooperative they grunt are entirely fictional.** 

**  Would suggest that the ABA and the ICBA publicly encourage all their members to practice operating on a not-for-profit basis for the next three years, since there isn't any difference. 

The Real "Vulorker Rule"?*
* (Vulgar porkers!)

It's a bit remarkable that anyone would still give credence to this herd of self-serving "oversized hogs", but their snorting continues to muddy the water from time to time in the halls of Congress.

But one way banks continue to clearly differentiate themselves from credit unions was
pointed out by the Chairman of the Federal Reserve last week . Ms. Yellen said...

"... sometimes brazenly."

"It is unfortunate that I need to underscore this, but we expect the firms we oversee to follow the law and to operate in an ethical manner.  Too often in recent years, bankers at large institutions have not done so, sometimes brazenly.  These incidents, both individually and in their totality, raise questions of whether there may be pervasive shortcomings in the values of large financial firms that might undermine their safety and soundness.

-  WSJ  (3/4/2014 - "Yellen Scolds...")

Credit unions follow the law, banks don't.*

* That's quite a difference, don't you think?

(Just in case you can't think of anything to tell your Senator this week!)