Credit union growth drives community impact
In a letter to the editor response to The Banker, America’s Credit Unions President/CEO Jim Nussle pushed back against misleading banker claims designed to undermine credit unions’ mission-driven success.
This flawed narrative blatantly ignores “credit unions’ consistent focus on the success of their members. Meanwhile, the banking industry has been posting record profits while routinely closing branches in underserved areas, and lobbies to preserve its own advantages, limit competition, and restrict consumer choice,” Nussle wrote.
Instead, this responsible growth is a direct investment in members and communities—enabling credit unions to better meet their needs—contrary to criticism that expansion signals a shift away from their mission.
On the issue of community banks selling to credit unions, Nussle reiterated that these are strategic decisions to preserve local access to financial services, keep jobs intact, and deliver products without predatory fees or shareholder demands.
Bankers’ claims that credit unions are “exploiting” the Credit Union Membership Access Act are a misrepresentation of “both the law and the mission of credit unions,” Nussle stressed. “Congress passed that law to expand access to affordable financial services. Using it as intended is not a loophole—it is fulfilling our mandate,” he wrote.
The letter emphasizes that no matter the size, credit unions remain member-focused and tightly regulated, and growth allows for greater investment in technology, inclusion, and community outreach.
“By expanding responsibly, we can serve more members, enhance technology, increase financial inclusion, and invest in the communities we call home,” wrote Nussle. “When credit unions grow, the benefits ripple outward: better rates, lower fees, and stronger competition that forces all financial institutions to do better.”
America’s Credit Unions pushed back on the bankers’ misleading article immediately after it was published, in advance of the letter.
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