The Senate followed swiftly with its own version of the law that gives consumers continued rights to put their money into credit unions. President Bill Clinton signed the Credit Union Membership Access Act into law in August. At press time, the American Bankers Association had filed for an injunction against the credit unions' new chartering system based on the Credit Union Membership Access Act. Oral arguments had been made and the judge was considering the case. But credit unions are a miniscule competition against them, in reality.
Credit unions are a tiny piece of the pie in terms of the financial industry.
According to statistics from the New York Credit Union League, credit unions have only two percent of the financial market share. Banks have 96 percent, and other financial institutions another two percent. Oswego County has many very small credit unions, as well. But, for some customers, that's the most appealing part. We know our members.