Higgins in Credit Union Times: Banks in Credit Union Clothing?

6th Story's Mike Higgins was featured in the Credit Union Times today with a provocative, but powerful question: is a high ROA something to get excited about?

Credit Unions are in business to maximize member value, not to extract as much value from members as possible. Mike's assertion is quite simple, a credit union's appetite for growth and capital reserves should dictate a target ROA. Lower ROA than that target is unsustainable. Higher ROA than that target is a violation a credit union's reason for existence. While excess returns can be solved for through patronage dividends, systemic excess returns are decidedly un-"credit union." What say you?