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| Credit Unions are ‘Safe, Secure, Future-Focused’ |
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Bankers are once again pushing selective data and misleading claims, “all in service of pushing aside a competitor,” America’s Credit Unions President/CEO Scott Simpson wrote in CUToday Wednesday.
“The real illusion is the banking industry’s insistence that cooperative finance is somehow harmful. The history of credit unions, and the data in front of us today, tell a different story,” Simpson wrote. “What credit unions have delivered through their structure and mission includes billions of dollars in benefits for credit union members and their communities, increased lending during tough economic times (especially for small businesses), and a demonstrated legacy of being “trusted financial partners. Their track record proves they can be relied on.”
Simpson noted that strong majorities of Americans support credit union growth:
• 94% support allowing credit unions to expand into more communities and provide more loans to small businesses; and
• 80% agree Americans would be better off financially if more consumers used credit unions instead of banks.
False claims about the negative impacts of bank sales to credit unions or who credit unions serve are easily refuted by data from government sources, researchers, and consumers themselves.
“I'd argue the long history of bank failures, massive fines, and widespread consumer harm makes one thing clear: credit unions are not the bad actors. They are safe, secure, and future focused institutions that people can trust and rely on,” Simpson wrote.
Copyright © 2024-2026 America's Credit Unions. (link) |
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