Nussle: Credit union tax status is a responsibility to consumers

The credit union tax status is a responsibility for credit unions to put people over profits, America’s Credit Unions President/CEO Jim Nussle wrote in American Banker. Nussle highlighted that—despite bank falsehoods—the data shows the reality behind the credit union difference.

“Credit union members saw more than $21.5 billion in economic benefits from September 2022 to September 2023, and nonmembers received billions more in benefits due to credit unions’ presence in the marketplace,” he wrote, adding call report data shows “report data shows low-income designated credit unions have $96.8 billion in outstanding small-business loans and 45.9 million outstanding loans to members.”

Nussle noted:

• Credit unions opened 1,373 net branches between 2012 and 2023, while banks closed 19,301 over the same time period;

 

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