Leaders from America’s Credit Unions, the New York Credit Union Association (NYCUA), and New York credit unions met with Rep. Claudia Tenney, R-N.Y., Thursday following remarks she made about credit unions. Tenney described credit union “inequities and disparities” while speaking at a banking conference last month, leading America’s Credit Unions President/CEO Jim Nussle and NYCUA President/CEO William Mellin to quickly respond with a letter detailing the many benefits of the credit union tax status.

The group reiterated these benefits in the meeting Thursday, highlighting that credit unions delivered an estimated $35 billion in financial benefits annually in the form of lower loan interest rates, higher savings yields, and fewer/lower fees. In contrast, the Joint Committee on Taxation estimates the value of the credit union tax status as $2.6 billion in 2023.

“We appreciate Rep. Tenney’s willingness to engage in this productive discussion,” Mellin said. “We look forward to continued collaboration to advance the mission of our credit unions in delivering essential financial services to their members and communities.”

New York credit unions also took immediate grassroots action in response to Tenney’s comments last month to provide insight, answer questions, and address any misperceptions.