WASHINGTON—The Defense Credit Union Council is sharply criticizing the American Bankers Association’s new survey calling for Congress to revisit the credit union tax exemption, arguing the banker-backed data is “selective,” “one-sided,” and aimed at undermining the member-owned model that lawmakers have repeatedly upheld.
DCUC President and CEO Anthony Hernandez said the ABA’s narrative “recycles tired rhetoric” and ignores how credit unions—particularly during the recent government shutdown—delivered relief while banks “took cheap shots to protect their market dominance.”
It’s disappointing, though not surprising, to see the ABA roll out a selective, industry-funded survey and attempt to weaponize it to imply credit unions are failing their mission. The reality on the ground tells a very different story, and consumers deserve to hear all the facts, not just the ones the banking lobby chooses to spotlight, DCUC said.
And importantly, DCUC said, the ABA’s characterization collapses under the weight of publicly available evidence. Across both national and local press, the reporting tells a consistent story: credit unions, again, stepped up first, offering concrete financial relief while many banks declined to commit to similar action.
“It’s obvious the banking industry prefers cheap shots over genuine transparency about credit unions’ unique role and impact in America’s financial services,” Hernandez told CUToday.info. “Congress has already acknowledged and upheld credit unions’ member-owned structure and mission, despite hearing the same tired rhetoric recycled year after year. This narrative is worn out, and intentionally harmful.”
Hernadez said the bankers’ priority remains clear; undermine credit unions’ mission and impact to protect their market dominance.
“Credit unions’ structure is the very reason for our tax status and regulatory framework,” explained Hernandez.
The ABA’s survey, according to Hernandez, spins a one-sided story that ignores this reality and the vital services credit unions provided during the recent shutdown.
"Instead of rehashing settled debates, Congress should recognize that credit unions consistently step up for their members,” he said. "DCUC remains vigilant and will keep fighting to protect our industry and the many communities across America credit unions serve and that banks too often leave behind."
DCUC outlined additional concerns with the ABA survey here.