WASHINGTON-- America’s Credit Unions pushed back against a recent article in The Banker the trade group says misrepresents credit union growth and overlooks data showing the measurable benefits credit unions deliver to millions of Americans.
ACU emphasized that credit unions remain true to their mission: democratically governed, not-for-profit financial cooperatives that return earnings to members through better rates, lower fees, and community investment.
“Structure and service – not size – defines credit unions. Expansion, whether through mergers, acquisitions, or new branches, is driven by member benefit, not institutional self-interest. When community banks close or sell, credit unions often step in to preserve local access, keep staff in place, and offer products without punitive fees or shareholder pressure,” ACU said.
“Attacking credit unions for expanding access while ignoring the wave of bank branch closures across America is deeply inconsistent,” said Jim Nussle, president/CEO of America’s Credit Unions. “Our growth is member-driven, mission-focused, and essential to ensuring communities — from rural towns to military bases — have the financial services they need.”
ACU said the “facts” are:
- Over half of the members in the nation’s largest credit unions are military families
- Community bank earnings in 2024 were 70% higher than those of large credit unions
- Since 2012, large credit unions have added nearly 500 net branches while banks have closed approximately 20,00
- Only 10% of credit unions have over $1 billion in assets — yet they operate more than half of the 900 credit union branches in areas that would otherwise be banking deserts
ACU contended The Banker is full of “misinformation” and false banker claims.
“Credit unions are subject to rigorous oversight by the NCUA and state regulators, with every merger, acquisition, and strategic initiative reviewed for member benefit and financial soundness. The Credit Union Membership Access Act is not a ‘loophole,’ but an act of Congress specifically designed to expand access to affordable, cooperative financial services,” ACU said.