America’s Credit Unions is pushing back on banker complaints about the credit union tax status and growth. Chief Advocacy Officer Carrie Hunt’s letter to the editor in American Banker responds directly to bankers’ criticism, pointing out that  credit unions are growing because of their important role in the marketplace and constant efforts to serve their communities

“As member-owned, not-for-profit cooperatives, credit unions reinvest their earnings to benefit members through lower fees, better loan rates, tailored community programs, and to help them reach their financial goals and live their best lives,” stated Hunt.

She also described the impact on members and influence on the local marketplace: “What this federal income tax exemption does enable is credit unions’ reinvestment directly in their communities, providing essential financial services to millions who might otherwise live in a banking desert. Instead of prioritizing profits for shareholders, credit unions are designed to create value for their members and provide another safe and secure financial institution option.”

Hunt reiterated the more than $2 trillion in taxes paid by credit unions every year.

America’s Credit Unions continues to advocate on behalf of members to keep the tax exemption status in place.

Read the full letter to the editor here.