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Two of the most important depository institutions are banks and credit unions. While they share many commonalities, they also have important differences. It is these differences I will focus on, in terms of structure, clientele base, and regulation.
One significant area that banks and credit unions differ in is regarding their structure. In terms of size, banks are the largest group of depository institutions; individually, they are much larger than credit unions. Their liabilities are made up of various types of nondeposit sources of funds, and they have a broader range of loans. Important assets for banks are securities holdings and mortgages. Banks are also known for having high leverage. The fact that credit unions are nonprofit is one difference in terms of structure. Because of this feature, their income is not taxed. The money deposited by members is used to provide for loans to other members. And since credit unions are tax-exempt, they can charge lower rates on loans.
Banks and credit unions also differ in terms of their clientele bases. Where banks appeal more to firms, credit unions are more for the average consumer. Credit unions are made up members who all have something in common (such as working for the same company), or that was at least the original idea. Membership criteria is broadening, such that members of credit unions aren’t quite as closely knit as before.
Regulation is another area where banks and credit unions differ. Banks are more heavily regulated, being subject to the regulations of up to four different regulators. These are the Office of the Comptroller of the Currency (OCC), the Federal Deposit Insurance Corporation (FDIC), the Federal Reserve System, and state bank regulators. The National Credit Union Administration (NCUA), on the other hand, regulates credit unions. Credit unions can also be either federally or state chartered.
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