WASHINGTON—Credit unions are growing and innovating because they continue to be a financial partner consumers trust, America’s Credit Unions and all state Leagues and Associations wrote to leaders of the Senate Finance and House Ways and Means Committees.
The letter was sent in response to a series of statements made by the banking industry that credit union trade groups said contain “numerous false assumptions and baseless claims.”
America’s Credit Unions and the other groups, which said credit union growth illustrates the success of the credit union model, argued the bankers are motivated by a desire see Congress eliminate their competition.
“But this is not in the best interest of hard-working Americans who trust credit unions to provide safe, affordable financial services products,” the groups said.
$21 Billion in Economic Benefits
“Credit union members saw more than $21.5 billion in economic benefits for the 12 months ending September 2023, and non-members received billions more in benefits due to credit unions’ presence in the marketplace, according to America’s Credit Unions’ analysis of NCUA and DataTrac data,” the letter adds. “We can understand why banks would want to use Congress to eliminate their competition, but this is not in the best interest of hard-working Americans who trust credit unions to provide safe, affordable financial services products.”
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