Credit union officials at a community-development conference earlier this month agreed on one thing: The industry hasn't been living up to its federal mandate of serving "people of small means."

That was the industry's charge in the Federal Credit Union Act of 1934. But many speakers here highlighted the current reality: The average income of credit union members exceeds that of bank customers, and credit unions reject minorities' mortgage applications at a higher rate than those of whites.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

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