WASHINGTON—Be wary of “false banker claims” and “ongoing tired attacks on credit unions” from the Independent Community Bankers of America (ICBA), America’s Credit Unions told Congress.
In a letter to Congress, ACU President/CEO Jim Nussle shared a caution over what he called “misleading messages” from the bank trade group.
In the letter, Nussle sought to draw attention to the role credit unions play in mortgage lending and their “strong mortgage originations to a wide range of borrowers.”
He further told Congress credit unions outperform other mortgage lenders, even with field of membership constraints, and asserted credit unions are best equipped to serve populations facing financial obstacles.
“Credit unions have intentionally worked to address challenges and inequities faced by many working Americans, including minority and underserved communities, to achieve the dream of home ownership,” wrote Nussle, who added CUs are committed to serving low- and moderate-income (LMI) areas.
Nussle pointed to bankers’ opposition to “credit union efforts to serve more underserved communities,” while banks continue to leave those areas and create “banking deserts.”
Response to Criticism of Bank Purchases
He also responded to objections raised by the ICBA related to the sale of community banks to credit unions, stating that “the number of banks selling to credit unions is minuscule in comparison to bank-to-bank sales.”
“The bottom line is no one forces a bank to sell to a credit union. It is a free-market business decision made by those privately-owned banks to sell their branches and businesses to credit unions,” added Nussle.
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