Sen. Lauch Faircloth has asked the General Accounting Office to investigate whether federal credit unions are hurting bank profits in his home state of North Carolina.

"A critical question is whether the growth of credit unions with multiple common bonds is adversely affecting for-profit federally insured institutions," the Republican member of the Senate Banking Committee wrote in a letter to GAO.

Limited Time Offer

Save $400 off your subscription. Special offer ends April 30, 2017.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.