In a new op-ed in American Banker, America’s Credit Unions President/CEO Jim Nussle hits back against bank lobbyists’ “old, tired attacks against the credit union industry” and challenges the bankers to “[spend] less time thinking about us, and more time thinking about the 43 million Americans who are currently considered financially vulnerable and in need of safe financial services.”
Nussle’s op-ed tackles the credit union difference, the industry’s tax-exempt status, efforts to serve underserved areas, and more. On the tax exemption, Nussle argues it’s “not a handout, it’s a responsibility. A responsibility to put consumers over the bottom line and one America’s Credit Unions and our membership take seriously.”
“Banks don’t want that responsibility,” he writes. “They were a key reason the global economy crashed in 2008. Had they put consumers over dollars, it would’ve been a different story. Their irresponsible lending led to even more discoveries of bad practices taking advantage of people.”
Nussle flags the hypocrisy of bankers’ pushing back on credit unions’ efforts to seek reforms to reach underserved areas, including their calls for credit unions to be included under the Community Reinvestment Act (CRA) while suing federal regulators over changes to the CRA.
“These attacks from bankers and their allies are attempts to crush competition, not to achieve fairness. But the data speaks for itself, and the credit union difference is real. We see it, the American people see it, and we will fight to ensure more families and small-business owners can choose to partner with credit unions to achieve their best lives,” Nussle concludes.
