Delivering credit union data ahead of banker D.C. visits

With community bankers scheduled to fly into Washington, D.C., later this week to meet with policymakers, America’s Credit Unions Chief Advocacy Officer Kathleen Coulombe proactively reached out to Congressional offices Tuesday to provide data on credit unions in advance of those meetings. She encouraged legislative offices to fact-check with their credit union contacts when bankers make erroneous claims.  

Emphasizing that more than 146 million Americans count on credit unions for safe, affordable financial services, Coulombe pointed out that credit unions delivered $352 billion in total economic impact this past year, providing 1.3 million jobs.  

“This is real value that impacts the consumers and communities within your district,” Coulombe wrote, adding that despite “tired, unsubstantiated claims that credit unions are the cause of community bankers’ problems,” it’s actually big banks that are the real competition for smaller banks.

Coulombe also reminded policymakers that the credit union tax status delivered an estimated $42 billion in financial benefits to American consumers last year, nearly 17 times the “cost” of the credit union tax status.