ARLINGTON—NAFCU has launched a national digital campaign called the “Stop Big Bank Bullies”.
The trade group said the goal is to educate Americans on “how they can limit the influence that “Big Wall Street banks have over their finances and the economy.”
In addition, NAFCU said the campaign focuses on ways banks take advantage of consumers in order to make a profit and urges consumers to join consumer-friendly credit unions instead.
The trade association launched the campaign in response to what it described as the continuous “wrongful attacks” banks and their trade associations have made against credit unions.
In the “Stop Big Bank Bullies” campaign, NAFCU said it is seeking to underscore the $243 billion in fines paid by Big Wall Street banks for the “harm they’ve imposed on consumers after violating numerous consumer laws.”
Time to be Held ‘Accountable’
In addition, the campaign highlights the billions of dollars banks have spent buying back shares of their own stock in order to line their own pockets, NAFCU explained.
“It’s time for banks to be held accountable; their bad behavior has been overlooked for far too long,” stated NAFCU President and CEO Dan Berger. “Consumers have the power to stop these bullies by leaving their bank and joining a credit union. Credit unions put their 127 million consumers first and provide better quality financial products and services that consumers need. At a time when financial services are needed most, banks abandoned countless underserved communities resulting in a sprawl of banking deserts across our nation.”
Response to Bank Attacks
As CUToday.info has reported, the two primary bank trade groups have launched numerous campaigns calling for congressional hearings over NCUA and for the CU tax exemption to be removed, most recently arguing CU acquisitions of banks is evidence credit unions no longer deserve the tax treatment.
For its part, NAFCU noted that despite the bankers’ claims, under the Tax Cuts and Jobs Act, banks receive $95 billion in tax breaks, an amount it said far exceeds the credit union tax exemption.
“Banks wrongfully claim that credit unions exploit the tax-exempt status to fuel rapid expansion; however, this could not be further from the truth,” NAFCU said. “Credit unions utilize this tax-exempt status, which has been reaffirmed by the IRS, Treasury Department, and Congress, and their not-for-profit cooperative structure to focus on providing consumers with better rates, lower fees, and going above and beyond to serve the communities in which they operate.”
‘Disparity’ Highlighted
In addition, NAFCU said it is also using the campaign to highlight what it described as a “disparity” among bank and credit union net earnings, noting the 100 largest banks earn just as much in one month as the entire credit union industry earns in one year.
“What’s concerning is that each of the top three banks earn more individually, than the credit union industry as a whole,” remarked Berger. “It’s time to stand up to these bullies; enough is enough. We need reliable, trustworthy, and genuine community financial institutions to help American families achieve their financial dreams. Credit unions will do just that, not greedy banks who only care about making a quick buck.”