WASHINGTON—Congress charged credit unions with “promoting thrift … [and providing] credit for provident or productive purposes,” in 1934 and credit unions continue to fulfill this mission today, CUNA Chief Advocacy Officer Ryan Donovan wrote to all 535 Congressional offices.
In the letter Donovan linked to the CUNA-league 2021 Advocacy Agenda, which details how credit unions improve financial well-being for all and advance the communities they serve, and how Congress can help them go even further.
Moreover, Donovan told Congress, which is again hearing from the banking trade groups that the CU tax exemption should be revoked, the credit unions continue to fulfill their mission by reinvesting earnings in their members through:
- Lower rates on home and auto loans
- Higher returns on checking and savings
- More branches in low income designated, CDFI, and minority communities