Donovan to Congressional offices: CU difference is clear

Credit unions continue to make the best financial partner for 115 million Americans despite the latest bank attacks, CUNA Chief Advocacy Officer Ryan Donovan wrote to Congressional offices Thursday, part of CUNA’s continuing efforts to highlight the credit union difference to policymakers in the face of inaccurate bank claims.

“Credit unions work hard in the community day in and day out. They’re tax-exempt based on their structure as not-for-profit financial cooperatives and the mission that Congress gave them: to promote thrift and provide access to credit for provident purposes,” Donovan wrote. “They earn this status every day through the service and investment they make to their members and communities. The banks say there’s no longer any difference between credit unions and banks, but that couldn’t be further from the truth. And we’re proud of the credit union difference.”

Despite inaccurate bank attacks, Donovan highlights the facts:

• Credit unions paid $5.1 billion in taxes in 2018. Meanwhile, according to the FDIC, the bankers received a $30 billion tax break last year, funneling most of this to investors, not customers.

 

continue reading »