Credit unions’ strength, service highlighted in new op-ed

In a new op-ed for RealClearPolicy, America’s Credit Unions President/CEO Jim Nussle thanks lawmakers for recognizing the credit union difference and refraining from making any changes to the industry’s tax status in H.R. 1.

“Credit unions are an important component of our strong financial system. As the original consumer protectors, the checks-and-balances they provide to other institutions is clear: A 50% reduction in the credit union market share would cost bank customers an estimated $22.8 billion a year in higher loan rates and lower deposit rates. Changing the credit union tax status would cost the U.S. economy $33 billion in lost income tax revenue over the next 10 years, reduce the GDP by $266 billion, and eliminate 822,000 American jobs,” he wrote.

Nussle highlighted the benefits hard-working Americans receive from credit unions, noting that banks, on the other hand, charge more and are less trustworthy.

“Thanks to credit union champions in Congress, working Americans still have a choice. They can still bank with people who know them—not just their account numbers,” he added. “They can experience the credit union difference.”

Read the full op-ed.