WASHINGTON—With bankers descending on Washington this week for the American Bankers Association’s annual Summit, America’s Credit Unions said it will be ramping up its messaging on Capitol Hill about the “credit union difference.”
“America's credit unions is looking for opportunities to continue to tout the benefit of credit unions and what we do,” said ACU Chief Advocacy Officer Carrie Hunt. “With the American Bankers Association flying in this week we may see some pushback from the bankers. We will be touting the benefits of the credit union tax exemption and also looking to make sure that the bankers are not manipulating the messaging relative to what credit unions do.”
The bankers are arriving in Washington both opposing credit unions but also sharing some common priorities, including opposition to numerous CFPB-related rules and proposals.
Attacks on CU Purchases of Banks
At the same time, it is expected the banking industry will be using the ongoing acquisition of banks by credit unions to bolster their arguments in favor of ending the CU tax exemption.
Hunt said similar messaging is also being seen at the state level, where the argument is the purchases are not beneficial for communities.
“The benefit is that we keep money in the community and I can't emphasize enough how important it is to make sure our consumers are continuing to be served by financial institutions that care about their interests,” Hunt said.
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