WASHINGTON—Following reports of another quarter of record profits for banks and other recent revelations, NAFCU President Dan Berger is urging House Financial Services Subcommittee on Oversight and Investigations "to examine questionable activities such as this website and ask, what other anti-consumer efforts are the bankers secretly funding?"
"While the bankers continue to have the gall to attack the credit union tax exemption, they conveniently forget to mention how independent analysis has shown that the fines and settlements for wrongdoing by their members have actually amounted to billions and billions of dollars of tax relief over the years for the nation's largest banks," wrote Berger.
Berger, in his letter to the subcommittee, attached a resource highlighting the differences between credit unions and banks that included:
- There are 10 times as many female CEOs at credit unions than at banks
- Credit unions increased lending to small businesses during the financial crisis when banks pulled back
- Credit unions have higher satisfaction scores among consumers than banks
"We hope that the banker groups will change their approach and will instead focus their resources on issues that can help the entire financial services community, such as consumer protection, regulatory relief and creating a national data security standard for those who do not currently have one, including retailers and others who handle consumer financial data," Berger added.