Just to add that this is one of the few remaining traditional mutual financial associations so there are no stockholders taking dividends but every account is a shareholder. Primary products are mortgage lending and deposit accounts. We have to have earnings but we don't have to satisfy greedy bastard stockholders.
OH! So you're the one destroying the for-profit banking industry! For shame! Don't you know how bad off Wells Fargo, Bank of America, and Chase are? They have to have DOMESTIC sparkling wine at their board meetings!
Used to hear that *expletive deleted*it all the time when the banking industry was on a big push to "make the playing field level" in the 1990s when I was working for Navy Federal Credit Union.
NFCU at the time had something like $30 billion in member assets. Today, as the largest credit union in the United States, it has about $55 billion in member assets.
Bank of America? $2.28 TRILLION, and it's the number 2 after JP Morgan Chase.
When he testified at the House Banking Committee that was looking at taxing credit unions, our President said that if the banks truly wanted a level playing field, they should begin by having all-volunteer boards of directors (like credit unions) and returning that money to customers in the form of lower fees and higher rates.
The howls from the banking industry were pretty loud.
