Berger slams bank lobbyists’ attacks on CUs, shines light on ‘egregious offenses of trust’
Pointing out “egregious offenses” of consumer trust, along with fines and settlement fees that total more than two times the size of the nation’s largest credit unions, NAFCU President and CEO Dan Berger told bank lobbyists they should spend their time ensuring their industry doesn’t repeat past mistakes rather than peddling misunderstandings of the credit union industry.
Berger’s comments ran in an American Banker op-ed that published Monday. He explained that bank lobbyists continue to attack the credit union industry for one specific reason: to create “less competition with credit unions and other small financial institutions.”
Explaining why these attacks are ridiculous, Berger added: “JP Morgan, Wells Fargo, Bank of America and Citigroup’s asset sizes are not only well-over 20 times that of our nation’s largest credit union, but each one of these individual banks holds more assets than the entire credit union industry combined.”
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