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Credit Unions and the Common Bond

Resource Type
Dataset : survey data
  • Emmons, William R. (Federal Reserve Bank of St. Louis)
  • Schmid, Frank A. (Federal Reserve Bank of St. Louis)
Other Title
  • Version 1 (Subtitle)
Publication Date
Free Keywords
credit unions; econometrics; monetary policy
  • Abstract

    A distinguishing feature of credit unions is the legal requirement that members share a common bond. This organizing principle recently became the focus of national attention when the Supreme Court and the U.S. Congress took opposite sides in a controversy regarding the number of common bonds (fields of membership) that could coexist within a single credit union. In this article, a model of credit union formation and consolidation is developed and simulated to examine the effects of common-bond restrictions on the performance of credit unions. The performance measures are based on participation rates among potential members and the operating costs of credit unions. Using a semiparametric econometric model and a large dataset drawn from federally-chartered occupational credit unions in 1996, the authors find that, for a given number of potential members, credit unions with multiple-group charters have higher participation rates. They also find that, for a given number of members, the operating costs of multiple-group credit unions are higher. Average operating costs at large credit unions, however, decrease as the number of members increases. The authors also find that local deposit-market concentration is related to participation rates and operating costs of credit unions.
  • Table of Contents


    • DS1: Dataset
Geographic Coverage
  • United States
Collection Mode
  • (1) The files submitted are and, which unzip to data and program files. includes a readme file that describes in detail the data and programs used for this article. (2) These data are part of ICPSR's Publication-Related Archive and are distributed exactly as they arrived from the data depositor. ICPSR has not checked or processed this material. Users should consult the investigator(s) if further information is desired.

This study is freely available to the general public via web download.
Alternative Identifiers
  • 1214 (Type: ICPSR Study Number)
  • Emmons, William R., Schmid, Frank A.. Credit unions and the common bond. Federal Reserve Bank of St. Louis Review.81, (5), 41-64.1999.

Update Metadata: 2015-08-05 | Issue Number: 6 | Registration Date: 2015-06-15

Emmons, William R.; Schmid, Frank A. (2000): Credit Unions and the Common Bond. Version 1. Version: v1. ICPSR - Interuniversity Consortium for Political and Social Research. Dataset.