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Credit Union and Commercial Bank Regulation and Competition in the Consumer Finance Industry, 1960-2015

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Credit Union and Commercial Bank Regulation and Competition in the Consumer Finance Industry, 1960-2015 University of Kentucky UKnowledge Theses and Dissertations--Sociology Sociology 2020 Thrown Together: Credit Union and Commercial Bank Regulation and Competition in the Consumer Finance Industry, 1960-2015 Grace Cale University of Kentucky, [email protected] Digital Object Identifier: https://doi.org/10.13023/etd.2020.290 Right click to open a feedback form in a new tab to let us know how this document benefits ou.y Recommended Citation Cale, Grace, "Thrown Together: Credit Union and Commercial Bank Regulation and Competition in the Consumer Finance Industry, 1960-2015" (2020). Theses and Dissertations--Sociology. 45. https://uknowledge.uky.edu/sociology_etds/45 This Doctoral Dissertation is brought to you for free and open access by the Sociology at UKnowledge. It has been accepted for inclusion in Theses and Dissertations--Sociology by an authorized administrator of UKnowledge. For more information, please contact [email protected]. STUDENT AGREEMENT: I represent that my thesis or dissertation and abstract are my original work. Proper attribution has been given to all outside sources. I understand that I am solely responsible for obtaining any needed copyright permissions. I have obtained needed written permission statement(s) from the owner(s) of each third-party copyrighted matter to be included in my work, allowing electronic distribution (if such use is not permitted by the fair use doctrine) which will be submitted to UKnowledge as Additional File. I hereby grant to The University of Kentucky and its agents the irrevocable, non-exclusive, and royalty-free license to archive and make accessible my work in whole or in part in all forms of media, now or hereafter known. I agree that the document mentioned above may be made available immediately for worldwide access unless an embargo applies. I retain all other ownership rights to the copyright of my work. I also retain the right to use in future works (such as articles or books) all or part of my work. I understand that I am free to register the copyright to my work. REVIEW, APPROVAL AND ACCEPTANCE The document mentioned above has been reviewed and accepted by the student’s advisor, on behalf of the advisory committee, and by the Director of Graduate Studies (DGS), on behalf of the program; we verify that this is the final, approved version of the student’s thesis including all changes required by the advisory committee. The undersigned agree to abide by the statements above. Grace Cale, Student Dr. Thomas Janoski, Major Professor Dr. Janet Stamatel, Director of Graduate Studies THROWN TOGETHER: CREDIT UNION AND COMMERCIAL BANK REGULATION AND COMPETITION IN THE CONSUMER FINANCE INDUSTRY, 1960-2015 DISSERTATION A dissertation submitted in partial fulfillment of the requirements for the degree of Doctor of Philosophy in the College of Arts & Sciences at the University of Kentucky By Grace E. Cale Lexington, Kentucky Co-Directors: Dr. Thomas Janoski, Professor of Sociology and Dr. Janet Stamatel, Associate Professor of Sociology Lexington, Kentucky Copyright © Grace E. Cale 2020 ABSTRACT OF DISSERTATION THROWN TOGETHER: CREDIT UNION AND COMMERCIAL BANK REGULATION AND COMPETITION IN THE CONSUMER FINANCE INDUSTRY, 1960-2015 This project seeks to assess whether there are meaningful differences between the stability of the Credit Union and Consumer Banking industries before the 1980s, and how both industries’ stability had been affected by subsequent political-economic changes. I also sought to assess if deregulation would make credit union behave at risk levels similar to banks. I initially observed that there was a strong inverse correlation between credit union size and failures, which I argue could be explained by regulatory change. This claim was strengthened by the observation that credit unions had benefitted from certain key forms of deregulation, they were still deregulated to a lesser extent than banks and had still decreased their failure rates. After the early 1980s, credit unions suffered far lower rates of outright failure than banks during subsequent economic downturns. The project found that regulation works, but while credit unions can eventually come to resemble bank’ risk patterns, it has not happened yet. Time series analysis revealed that regulatory change had a greater effect on this than most other model variables, even if they were aggregated into categories of industry-level or economy-level variables. The most telling finding was that banks were able to leverage their market status and political power to deregulate in a way that primarily benefitted them and allowed them to maintain their market position. Conversely, they reduced the level of deregulation permitted to credit unions; credit unions did still gain substantial freedom compared to the postwar years, but still more often faced increases in regulation than banks did. This may have ended up benefitting credit unions the most, as a balanced approach to deregulation allowed them stable growth. KEYWORDS: Markets, Economic Sociology, Neoliberalism, Finance, Regulation, Social Theory Grace E. Cale April 13, 2020 Date THROWN TOGETHER: CREDIT UNION AND COMMERCIAL BANK REGULATION AND COMPETITION IN THE CONSUMER FINANCE INDUSTRY, 1960-2015 By Grace E. Cale Dr. Thomas Janoski Co-Director of Dissertation Dr. Janet Stamatel Co-Director of Dissertation Dr. Janet Stamatel Director of Graduate Studies April 13, 2020 Date To my partner, who loved me kept the trains moving while I couldn’t. And fed me. To my three parents and their infinite support, half of whom got to see not only a first-generation college graduate, but a first-generation Doctor. Their choices made this possible. To my sister, to whom I am cosmically linked. She knows everything. Watch out. And to myself. I was more stubborn than the mountain was infinite. Acknowledgements As I reflect upon my eight years in the University of Kentucky Sociology program, I am amazed at the number of people who made this project possible, and I am certain that there were many others who operated unseen in the background, yet are deserving of thanks. I must first thank my committee, who lent years of expertise, patience, and advice not only to this project, but to my own academic development. First among them is Dr. Thomas Janoski, who chaired both this and my thesis committee. With clarity and good humor, he helped me to understand and appreciate the value and reality of social theory, and to always consider the processes underlying any observed phenomenon. I will always appreciate our discussions on many varied topics and am honored to have had the opportunity to work with him over the years. I wish him the best in his next ventures - the department will be losing a good one. I must also thank Dr. Janet Stamatel, who has been with me through both this and my master’s thesis work. Her patience and directness always improved the quality of my work. Every conversation with her imparted valuable lessons which I will not likely forget. Drs. Ana S. Liberato and David E. Hamilton also offered excellent advice and perspective throughout the project. It was greatly improved by their feedback, and I appreciate the time energy they lent to me. Thanks also goes to Dr. Timothy Sundell, who lent insightful and interesting thoughts to my defense. I am glad to see the work spark such substantial and relevant ideas. Second in line but never lesser for it, I must thank my family for their love and somehow endless support. My partner Richie has done so much to support my work, functioning, and to keep our household existing. He has made sue I could keep my focus on work through the most difficult times and has been unflappable in his faith. I am forever grateful. I must also call out my sister Rose for her also endless support, humor, and encouragement. I am grateful to my parents for imparting the life lessons necessary to get here, and for their confidence that I would make it here. iii Third are the army of colleagues and friends who lent their own support, advice, and helped me figure out how to exist in a graduate school and dissertation existence. Greatest thanks for Julia Miller and Katie Founds for their friendship, motivation, writing support, and sounding board services. They are truly the best. Drs. Kaitlyn Motl and David Luke offered invaluable support and advice during my graduate studies, and I will always be grateful for their role in advocating for graduate students in our department, and for personally clarifying and humanizing the many milestones of graduate study. There are so many others who cannot be listed here who are at least equally deserving of thanks. No human accomplishes anything alone, and no achievement is accomplished in a vacuum. Countless individuals, past and present, made this possible. I am forever grateful, and will work to be deserving of this title and the obligations toward the greater good it carries. iv Table of Contents Acknowledgements ......................................................................................................................... iii List of Tables ................................................................................................................................. vii List of Figures ................................................................................................................................. ix List of Abbreviations ...................................................................................................................... xi Chapter One: Competitors in
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