A core argument made recently against the credit union tax status is “radically wrong,” America’s Credit Unions President/CEO Jim Nussle and MD|DC Credit Union Association President/CEO John Bratsakis posted on LinkedIn Tuesday.
“The fact that credit unions are growing is proof that Americans are recognizing the credit union difference – not proof that credit unions have strayed from their mission,” they wrote. “Consumers are tired of banks treating them terribly. Competition is a good thing that benefits consumers and the U.S. economy. Banks fear it and want Congress to take away their competition.”
The post also refutes the claim that credit unions increasingly “serve upper-income families and have a smaller share of low-income customers than banks,” with Federal Reserve Survey of Consumer Finance Data showing mean income of a credit union member is $99,000, whereas the mean income of a bank customer is $160,000.
The post was originally submitted to The Hill in response to an inaccurate article about the credit union tax status, but publication was denied.
