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Article: Thrifts steam over increasing home loan competition by credit unions.
- Article from:
- American Banker
- Article date:
- December 28, 1994
- Author:
CopyrightCOPYRIGHT 1994 SourceMedia, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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It was supposed to be a genteel affair, a talk among colleagues about issues facing the thrift industry.
That was until the group of top thrift executives at the Savings and Community Bankers of America's 1994 Winter Management Conference in New York a few weeks ago began talking about home lending at credit unions.
"Those damn credit unions," growled one executive in a Massachusetts accent, his back straightening. "They don't know when to stop."
He is not alone in such thinking. In the last year, credit unions have gone from thorns in the sides to tough competitors for many thrifts. And the thrifts are not pleased.
"It's unfair competition," said Joseph B. ...