Simpson to Congress: Don't believe the banker lies

With bankers distorting the truth about credit unions, America’s Credit Unions President/CEO Scott Simpson wrote to Congressional offices Friday setting the record straight on credit unions, their not-for-profit tax status, and the widespread consumer support they receive.

“The recent ‘survey’ being touted by the bankers is nothing but another attempt to eliminate competition for the banks, which already control more than 90% of the market. Credit unions, and their cooperative finance model, are essential to financial security and prosperity for millions of Americans across our country,” Simpson wrote. “When given the real facts, consumers overwhelmingly support expanding access to credit unions and protecting their not-for-profit tax status.” 

Those facts include a 2025 national consumer poll that found: 

• 64% of Americans support keeping credit unions’ current tax status, which grows to 78% following exposure to messaging that explains how credit unions’ not-for-profit status allows them to help small businesses and local economies grow;
• 79% agree Americans would be better off financially if more were to use credit unions than banks;
• 94% approve allowing credit unions to expand into more communities and provide more loans to small business; and
• 86% have interest in either doing more banking with or joining a credit union.

Simpson also noted that bank survey uses a poll filled with misinformation (including statements that credit unions pay no taxes), while including credit unions in the unregulated “nonbank” category.

America’s Credit Unions will continue to engage policymakers with the data behind the credit union difference.