Leagues tackle bank misinformation head on, share credit unions’ member-first approach

As a growing number of consumers turn to credit unions, banks are pushing out information to discredit their people-first efforts. In two separate publications, league leaders are setting the story straight to ensure their communities understand how credit unions serve their mission.

Both The League of Credit Unions and GoWest Credit Union Association took action Monday to counter false information from for-profit banks.

Responding to the latest attacks from Georgia bankers, MidSouth Community Federal Credit Union President/CEO and The League of Credit Unions Board Vice Chair Roy Bibb wrote an op-ed that appeared in the Monroe County/Macon Reporter.  

“Every dollar we earn goes back into the credit union in the form of lower loan rates, higher savings returns, reduced fees, and community investment,” he wrote. “Georgia consumers clearly value that difference. In the last decade, credit union membership in the state has grown by over 30%, with more than 2.3 million Georgians now choosing a credit union over a bank. That growth is driven not by tax advantages, but by trust, value, and care.”

Credit unions deliver more than $35 billion to members annually, while the “cost” of the credit union tax status is $3.1 billion, less than 0.01% of the federal budget.

“We are exempt from federal income taxes because of our structure and mission to promote thrift and provide access to credit… Congress has repeatedly affirmed this exemption, recognizing that credit unions fill a critical gap in the financial system by serving populations banks have historically ignored or underserved,” Bibb continued.

The human connection is vital to credit unions’ efforts.  Even while utilizing technology and innovating new ways to serve, people are always at the center of those decisions. In Banking Dive, GoWest Credit Union Association shared how credit unions’ member-facing nature stands out at a time when banks close branches and apps replace tellers.

According to data from the FDIC and the NCUA, 18,839 bank branches closed in the U.S between 2014-2024. During that same period, credit unions opened 509 new branches “This shows the stark focus on how credit unions are approaching access to financial services,” GoWest wrote.

Around 57% of Gen Z and 60% of millennials said branches are imperative to their banking experience, according to a recent poll. A 2023 Federal Deposit Insurance Corporation study found that 5.6 million U.S. households remain unbanked, with inconvenient branch locations listed as a top reason.

“This is proof that human interaction still matters, even in a digital-first world, and credit unions have always understood this,” the article reads. “It’s why so many offer live support alongside chatbots, financial coaching with online tutorials and relationships combined with mobile deposits on the go. Even as they embrace cutting-edge tech, credit unions are keeping people at the center.”