NAFCU breaks down facts for lawmakers following bankers’ deceptive attacks against CU bill

NAFCU Vice President of Legislative Affairs Brad Thaler Thursday wrote to the House Financial Services Committee to provide the facts in response to bank lobbyists’ forceful opposition of legislation to allow credit unions to add underserved areas to their field of membership to lawmakers and misleading attacks against the credit union industry.

“It is unfortunate that bankers continue to attack efforts by credit unions to do more to help the underserved, rather than focusing on cleaning up their own track record,” wrote Thaler. “Since the year 2000, banks have had to pay a staggering $240 billion in fines and penalties for violations of various consumer protection laws and other statutes.”

In the letter, Thaler noted the credit union industry’s long-standing commitment to providing financial services to rural and underserved areas.

“As large and community banks have been shutting down branches and moving out of these areas, credit unions have been stepping up and expanding their presence to fill the void as they are able,” added Thaler.

 

continue reading »