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Keywords:Credit unions 

Journal Article
Evaluating credit union competition in bank merger applications

Financial Update , Volume 11 , Issue Oct , Pages 1-3

Journal Article
Banks and credit unions: competition not going away

Has the competitive balance tilted away from banks and toward credit unions, given the latter?s tax exemption and more-recent ability to draw members from wider pools? Whether it has or not, both industries have seen similar trend growth over the past 15 years?and, in fact, have come to resemble each other in many ways.
The Regional Economist , Issue Apr

Journal Article
Wages and risk-taking in occupational credit unions: theory and evidence

Most occupational credit unions serve (in part) as a means for corporate sponsors to deliver tax-favored benefits to their employees. Credit union managers administer this transfer of benefits, but their performance is difficult to measure, particularly in larger credit unions. In this article, William R. Emmons and Frank A. Schmid develop a model of efficiency wages and optimal risk-taking and then provide empirical evidence from a large sample of occupational credit unions. Higher wage expenses are found in larger credit unions. In addition, the authors find a negative relationship between ...
Review , Issue Mar , Pages 13-32

Journal Article
Credit unions and the common bond

A distinguishing feature of credit unions is the legal requirement that members share a common bond. This organizing principle recently became the focus of national attention when the Supreme Court and the U.S. Congress took opposite sides in a controversy regarding the number of common bonds (fields of membership) that could coexist within a single credit union. In this article, Emmons and Schmid develop and simulate a model of credit-union formation and consolidation to examine the effects of common-bond restrictions on the performance of credit unions. The performance measures are ...
Review , Volume 81 , Issue Sep , Pages 41-64

Working Paper
Banks vs. credit unions: dynamic competition in local markets

One interesting aspect of the financial services industry is that for-profit institutions such as commercial banks compete directly with not-for-profit financial intermediaries such as credit unions. In this article, we analyze competition among banks and between banks and credit unions using a dynamic model of spatial competition. The model allows for the co-existence of (for-profit) banks and (not-for-profit) credit unions. Using annual county-level data on banking market concentration and credit-union participation rates for the period 1989-96, we find empirical evidence of two-way ...
Supervisory Policy Analysis Working Papers , Paper 2002-10

Working Paper
Pricing and dividend policies in open credit cooperatives

This paper develops an integrated model of pricing and dividend policies in open credit cooperatives (those that do business with members and non-members on a non-discriminatory basis). We show that both the distribution of member preferences and the amount of non-member business the cooperative does influence its optimal pricing and dividend policies. For a fixed distribution of member preferences, the larger the fraction of business done by members, the smaller the optimal dividend and the larger the optimal pricing subsidy (hence, increasing demand). On the other hand, for a fixed fraction ...
Working Papers , Paper 2000-008

Working Paper
Robust, dynamic nonparametric benchmarking: the evolution of cost-productivity and efficiency among U.S. credit unions

This paper develops a new methodology for estimating cost-productivity and efficiency change that benchmarks the performance of individual firms against an estimated a-quantile. We adapt the estimators of Daouia and Simar (2007) and Wheelock and Wilson (2008a) to the estimation of cost efficiency where input prices and some outputs are fixed. Theoretical results demonstrate that our new estimator retains the root-n convergence, asymptotic normality, and other desirable properties of the original estimators. We show how the estimator can be used to construct a cost analog of the widely-used ...
Working Papers , Paper 2009-008

Journal Article
Outsourcing, firm size, and product complexity: evidence from credit unions

Outsourcing business services is a key concern in the modern economy. Focusing on data processing services for credit unions from 1994 to 2003, the authors find that both credit union size and the diversity of their product offerings influence the propensity to outsource. The results suggest that simple scale-economy-based explanations for outsourcing may be inadequate.
Economic Perspectives , Volume 29 , Issue Q I

Journal Article
Economies of scale and continuing consolidation of credit unions

This Economic Letter shows that, in contrast to banks, larger credit unions, on average, have decidedly lower average costs and higher net incomes, as we might expect in the presence of important economies of scale. It further notes that these economies of scale put pressure on the credit union industry to continue consolidating into fewer, larger credit unions. It also describes how some recent legislation may have further added to the pressures on both the banking and credit union industries to consolidate.
FRBSF Economic Letter

Journal Article
The credit union industry--an overview

An introduction to the credit union industry's structure and regulatory environment, offering a brief look at some safety and soundness issues.
Economic Commentary , Issue May


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