America’s Credit Unions Chief Advocacy Officer Carrie Hunt reiterated key points of the credit union difference in a message sent to lawmakers Monday. The proactive message was sent ahead of the Independent Community Bankers Associations’ hill hikes scheduled for this week.
In the message, Hunt reminded members of the House and Senate of meetings with credit union leaders this past March during the 2024 America’s Credit Unions Governmental Affairs Conference, during which industry advocates shared how they support communities across the country.
“You heard directly from credit union leaders in your district when they came to Washington, D.C., in March,” she wrote. “In those meetings, they shared exactly how credit unions are different from banks and why consumers choose to be members: Credit unions are trusted partners that help individuals, families, small businesses, and the larger community achieve financial well-being.”
Notably, Hunt explained that credit unions’ federal income tax exempt status comes from their not-for-profit cooperative structure that incentivizes putting their members over profits. In addition, she pointed to two handouts that demonstrate additional important facts about the industry: one on the credit union difference and another on banks selling to credit unions.
“Don’t be misled by bankers’ efforts to discredit credit unions this week,” she concluded. “Their claims are poor attempts to stifle competition from our industry—one that is 140 million members strong and growing every day.”
