These federal credit unions collectively included 158,000 different groups and have a total membership of 32.6 million. Currently, this FCU includes 191 groups with approximately 111,000 numbers. Most of the groups are small businesses. Concerns and Policy Issues Consideration of credit union legislation has generated heated debate involving several major policy issues. Bankers argue today's credit unions operate more like banks, and the expansion through multiple-group charters significantly aids the blurring of lines between the two.
Credit unions can offer a variety of financial services and consumer loans.
In addition, their tax exempt status permits them to offer higher deposit interest rates and lower loan rates. Community bankers in direct competition say their banks operate under stiffer government regulations and are at a disadvantage. Credit union representatives agree that industry growth has resulted in more competition between banks and credit unions. Their position is that this is healthy and helps consumers. Credit unions state that there are still significant differences between the two types of institutions.