WASHINGTON—Saying it is seeking to send “accurate facts” to Congress when it comes to credit unions, NAFCU has sent letters to Congress offering its perspective.
NAFCU Senior Vice President of Government Affairs Greg Mesack said those facts include that while banking groups are pushing Congress to change the credit union tax status, “they fail to disclose that the banking industry received tens of billions of dollars in annual tax breaks from the Tax Cuts and Jobs Act. They also fail to point out that nearly one-third of all banks are Subchapter S corporations and do not pay corporate income taxes themselves.”
The messaging sent by NAFCU also detailed that credit unions continue to focus on serving rural, low-income, and underserved communities, noting that while the number of banks serving rural and underserved communities has declined 13% in the last decade, credit union branches in those communities has increased by 2.4%.
‘Why Are They Doing This’
“When the banking groups make attacking credit unions one of their priorities, ask yourself why they are really doing this,” Mesack wrote. “How is this helping address our nation’s underserved areas? The bottom line is that they are trying to limit their competition. Meanwhile, credit unions remain focused on serving their members – consumers and main street small businesses – so that our nation may recover. We encourage the banking groups to keep their focus on the same as well.”
NAFCU, in its report, said the letter was sent in response to the “banking industry’s recent attack on credit unions.”
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