A report the National Credit Union Administration released Wednesday found that 44% of all federal credit union members earn less than the median family income for their metropolitan statistical area.
The report also said that 60% of an average federal credit union's members have a median annual family income of less than $60,000, while 82% have a median income of less than $75,000, and 96% have a median income of less than $100,000.
The report, titled "Member Service Assessment Pilot Program," was designed to provide a statistical profile of credit union membership. It was compiled in response to concerns raised by House Ways and Means Committee Chairman Bill Thomas, R-Calif., who criticized the agency at a November 2005 hearing for its inability to provide data indicating that credit unions serve people of modest means.
Overall, 85% of Americans are from households with a median income of less than $100,000, according to the report.
The study was based on account records of 14 million members from 448 randomly selected federal credit unions.
