Setting the record straight: Credit unions strengthen communities
Credit unions are one of Louisiana’s greatest assets, Luminate Board Chair and Neighbors Federal Credit Union CEO Steve Webb wrote Wednesday in the Lincoln Parish Journal and 16 regional publications across the state.
Challenging a banker op-ed claiming credit unions are a burden on taxpayers, Webb pointed out that the facts show the opposite is true. He addressed banker misconceptions head on, noting that Louisiana’s credit unions paid more than $100 million in state and federal taxes last year, including property, payroll, sales, and other taxes.
Credit unions add to the communities, with “every dollar earned is reinvested in the form of lower fees, higher savings rates, and more affordable loans. Those benefits stay in Louisiana households and small businesses, circulating back into the local economy,” stated Webb, while banks consolidate and sell to out-of-state banks, taking financial resources away from the community.
“The real story is simple: when credit unions succeed, Louisiana families succeed. We help people buy homes, send kids to college, start small businesses, and build savings. That is exactly why Congress created credit unions in the first place,” Webb wrote. “Far from draining our communities, credit unions preserve their strength. We keep financial decision-making local, return millions of dollars in value to members, and invest in the places we call home. That’s not a loss for Louisiana; it’s a win.”
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