Credit unions a bigger threat than banks?

I was at a dinner last week where the issue of banks entering the real estate brokerage business came up during the conversation. Two of the brokers at the table were particularly concerned about the issue of credit unions being allowed to enter the brokerage business. Specifically, they said that credit unions are not playing on the same playing field as brokerage, because credit unions are exempt from certain taxes where brokers are not. A number of credit unions offer commission rebates where you work with one of their approved Realtors. This, however, is different from running a separate brokerage. 

I find it particularly interesting that NAR plans to launch a credit union. Is this new entity really a strategy for Realtors to compete against the banking industry, or, as they have said in their press releases, that the new credit union will serve only Realtor members?

If credit unions truly do have a competitive advantage, will brokerages shift from having mortgage companies to having credit unions as a way to compete? What's your take on this issue--are credit unions a greater threat than banks?

--Bernice Ross, RealEstateCoach.com

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