Journal of Economics and Finance

, Volume 23, Issue 3, pp 235–245 | Cite as

Multiple common bond credit unions and the allocation of benefits

  • Keith J. Leggett
  • Yvonne H. Stewart


Credit unions are cooperatively owned financial institutions, where input suppliers (savers) are also the consumers of the outputs (borrowers). A key issue is the allocation of benefits between savers and borrowers. Additionally, credit unions can add unrelated groups to their membership. If the orientation of unrelated groups differs from the core group, the allocation of benefits could be altered. Empirical evidence suggests that both single and multiple bond federal credit unions are saver oriented. Single bond credit unions have a stronger saver orientation than multiple bond credit unions. The study provides mixed evidence on the existence of a clientele effect.


Credit Union Generalize Little Square Treatment Index Loan Rate Supreme Court Decision 
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Copyright information

© Springer 1999

Authors and Affiliations

  • Keith J. Leggett
    • 1
  • Yvonne H. Stewart
    • 2
  1. 1.George Mason University and Johns Hopkins UniversityUSA
  2. 2.Calloway School of Business and AccountancyWake Forest UniversityWinston-Salem

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