It’s more important than ever that communities retain access to a local financial partner that can meet their needs, CUNA Chief Advocacy Officer Ryan Donovan wrote to all 535 Congressional offices Wednesday. He noted that credit unions are eager to be that partner, “which is why they’ve been there for some bankers when they’ve been ready to exit the market,” he wrote.
Donovan also added that, despite banker complaints over bank sales to credit unions, that increasing closures have to led to more financial deserts in urban and rural communities across America.
He also highlighted several things about bankers choosing to sell to a credit union over another bank:
- 80% of bank-credit union transactions have involved low-income designated credit unions, ensuring that consumers most affected by banking deserts retain access to a local financial institution.
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