WASHINGTON (2/29/12)--The credit union system is nearing the $1 trillion total asset threshold, the Credit Union National Association (CUNA) said in an article about credit unions' and small banks' growth in The Christian Science Monitor.
Monday's article, "Why credit unions and small businesses are beating out big banks," was written by Billy Parish, president of Solar Mosaic, a solar investment platform, and author of "Making Good: Finding Meaning, Money, and Community in a Changing World." In it, he says that a "new economy is emerging, a kind of constructive capitalism that offers an exciting new model for American prosperity and a way out of the current economic morass."
The article notes that credit unions and community banks all over the country are growing their market share "and doing it in a way that benefits the communities they serve." It cited CUNA statistics about the number of new credit union accounts opened, and CUNA Chief Economist Bill Hampel said in the article the recent growth could cause the credit union system to have more than $1 trillion in total assets.
Investment banks still have important roles to play in the economy, but the nation can look to more community-based models for economy growth, and big banks may follow suit, the article said.