Bank lobby resorts to lies to distort truth about credit unions

Despite the incredibly flawed survey results shared by the American Bankers Association this week, credit unions remain the original consumer protectors. ABA issued a survey claiming a majority of consumers support re-examining the tax status, but the survey puts credit unions with other institutions in the “nonbank” category (the same as nonregulated fintechs), among other glaring errors.

“Economic freedom within our country is under attack by banks. Their latest ‘survey’ is an egregious attempt to mislead policymakers and consumers; an effort to eliminate a threat to their profits. Credit unions, and their cooperative finance model, are essential to financial security and prosperity for millions of Americans across our country,” said Scott Simpson, president/CEO of America’s Credit Unions. “When given the facts, consumers overwhelmingly support expanding access to credit unions and protecting their not-for-profit tax status. If banks had it their way, consumers would be forced to pay billions of dollars more to access financial services through institutions with a track record of questionable behaviors that compromise people’s livelihood. Credit unions are here to protect people against that.”

Simpson spoke with CUToday about the survey, highlighting that this is the same old attack banks use to reap more profits

"It’s an immense waste of public energy. Of all the things our country has to deal with right now, it just blows my mind that banks—who have posted record earnings quarter after quarter—are chasing a minority player in retail financial services,” Simpson said. “It’s a tragedy, because it’s all based on a lie.”

Contradicting the misleading bank survey, a 2025 national consumer poll found that 64% of Americans support keeping credit unions’ current tax status. This support grows to 78% following exposure to messaging that explains how credit unions’ not-for-profit status allows them to

• Help small businesses and local economies grow;
• Share earnings with member-owners; and
• Keep earnings in the community rather than shipping them out to Wall Street investors.

The survey also found 79% agree "Americans would be better off financially if more were to use credit unions than banks”; 94% approve allowing credit unions to expand into more communities and provide more loans to small business; and 86% have interest in either doing more banking with or joining a credit union.

America’s Credit Unions will continue to share the true nature of the credit union difference with policymakers and advocate relentlessly for policies that advance the movement.