The latest claims about the credit union status misses the mark, America’s Credit Unions Chief Advocacy Officer Carrie Hunt wrote in The Wall Street Journal. Responding to an inaccurate column on the tax status—focusing on stadium naming rights—Hunt says the subject completely ignores the reason behind the credit union tax status.  

“Unlike banks, credit unions are democratically governed and focused on community growth rather than maximizing profit. Credit unions are a powerful tool for local economic growth ($35 billion in financial benefits), supporting small businesses and families through financial challenges,” she wrote. “The argument against credit-union sponsorship of stadiums overlooks the benefits a partnership of this size brings. Sponsorships raise credit unions’ visibility, making more Americans aware of the benefits that come with membership in a credit union. Also, they are often paired with commitments to fund local community programs, creating a positive ripple effect.”

She also noted that the credit union tax status is a responsibility “credit unions work to uphold daily,” and altering the state would eliminate vital financial services.