WASHINGTON—With the Independent Community Bankers Association (ICBA) holding its Summit in Washington this week, America’s Credit Unions looked to offset some of the bank messaging with points of its own for lawmakers.
As CUToday.info reported here, as part of their advocacy efforts the ICBA is distributing the results of a new survey of Americans it conducted that it said found 68% of adults say “credit union customers” should have the same consumer protections that banks provide, such as those provided by the Community Reinvestment Act.
In its message, America’s Credit Unions Chief Advocacy Officer Carrie Hunt reminded members of the House and Senate of meetings with credit union leaders this past March during the 2024 America’s Credit Unions Governmental Affairs Conference.
“You heard directly from credit union leaders in your district when they came to Washington, D.C., in March,” she wrote. “In those meetings, they shared exactly how credit unions are different from banks and why consumers choose to be members: Credit unions are trusted partners that help individuals, families, small businesses, and the larger community achieve financial well-being.”
A Reminder
As credit unions in Washington frequently do, Hunt reminded that credit unions’ federal income tax exempt status comes from their not-for-profit cooperative structure that incentivizes putting their members over profits. In addition, she pointed to two handouts that demonstrate additional important facts about the industry: one on the credit union difference and another on banks selling to credit unions.
“Don’t be misled by bankers’ efforts to discredit credit unions this week,” she concluded. “Their claims are poor attempts to stifle competition from our industry—one that is 140 million members strong and growing every day.”
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