Credit union growth shows success of mission, structure
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 Friday. The letter was sent in response to the latest bank attack with “numerous false assumptions and baseless claims,” the organizations wrote, adding that credit union growth illustrates the success of the credit union model.
The groups argued banks wish to se 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.”
The credit union mission and structure lifts up members and ensures their financial success, but the credit union difference extends to communities and nonmembers.
“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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