America's Credit Unions responds to banker misinformation on CDFI and credit union tax status

Following a recent American Banker op-ed presenting factually inaccurate claims aimed at discrediting the invaluable roles credit unions play in communities across the country, America’s Credit Unions President/CEO Jim Nussle issued the following statement:
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“These attempts by banks to call for a so-called ‘level playing field’ would do anything but that. These tired claims are deeply flawed, relying on deliberate misdirection and chronic misinformation.

As not-for-profit financial cooperatives, credit unions are uniquely positioned to leverage the Community Development Financial Institutions (CDFI) Fund to benefit communities nationwide. Congress deliberately included credit unions when creating the CDFI Fund, and the 2000 implementing regulation explicitly affirmed that insured credit unions can be certified as CDFIs and receive funding. Any claims to the contrary ignore both the law and the facts.

And the facts speak for themselves: for every dollar of CDFI funding received, credit unions deliver an average of $12 in measurable community impact. That return reflects credit unions’ mission to put people first. It’s exactly why Congress should continue to support credit unions’ work in strengthening underserved communities—whether in rural areas or urban centers—and serving the small business owners and 144 million hardworking people who count on credit unions today and into the future.”

— Jim Nussle, President/CEO, America’s Credit Unions

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