Congress prepared with facts ahead of banker fly-in

In advance of a scheduled banker fly-in this week, America’s Credit Unions sent lawmakers eight key facts to keep top of mind this week when they hear misinformation about credit unions. bankers attack credit unions and the more than 142 million Americans who depend on them. Bankers are in Washington, D.C., this week for a scheduled fly-in.  

• Credit unions put people first—and consistently uphold the responsibilities that come with being not-for-profit financial cooperatives.
• Credit unions fill financial deserts and stay in communities when banks leave.
• Credit unions provide help to those who need it most.
• 25% of banks have a special tax status – but their customers don’t benefit like credit union members do.  
• Community banks are profitable.
• Banks were built for Wall Street, credit unions were built for Main Street
• Credit unions are defined by their structure, not size.
• Banks choose who they sell to, and that is typically not to credit unions.  

“As you consider tax reform and financial services regulatory relief, remember that credit unions were created to serve those who banks don’t or won’t serve,” wrote America’s Credit Unions Chief Advocacy Officer Carrie Hunt. “For 91 years, credit unions have consistently upheld the responsibilities that come with being not-for-profit financial cooperatives that put people over profits.”

America’s Credit Unions continues to arm members of Congress with information.