America’s Credit Unions Responds to Misleading Claims About Credit Union Growth

Jim Nussle

​The recent article in The Banker mischaracterizes the purpose and impact of credit union growth, ignoring the clear and measurable benefits delivered to millions of Americans. 
 
Credit unions remain true to their mission: democratically governed, not-for-profit financial cooperatives that return earnings to members through better rates, lower fees, and community investment. Structure and service – not size – defines credit unions. Expansion — whether through mergers, acquisitions, or new branches — is driven by member benefit, not institutional self-interest. When community banks close or sell, credit unions often step in to preserve local access, keep staff in place, and offer products without punitive fees or shareholder pressure.
 
Facts matter: 

• Over half of the members in the nation’s largest credit unions are military families. 
• Community bank earnings in 2024 were 70% higher than those of large credit unions. 
• Since 2012, large credit unions have added nearly 500 net branches while banks have closed approximately 20,000. 
• Only 10% of credit unions have over $1 billion in assets — yet they operate more than half of the 900 credit union branches in areas that would otherwise be banking deserts. 

 
The article is full of misinformation and false banker claims. Credit unions are subject to rigorous oversight by the National Credit Union Administration (NCUA) and state regulators, with every merger, acquisition, and strategic initiative reviewed for member benefit and financial soundness. The Credit Union Membership Access Act is not a “loophole,” but an act of Congress specifically designed to expand access to affordable, cooperative financial services. 
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“Attacking credit unions for expanding access while ignoring the wave of bank branch closures across America is deeply inconsistent,” said Jim Nussle, President and CEO of America’s Credit Unions. “Our growth is member-driven, mission-focused, and essential to ensuring communities — from rural towns to military bases — have the financial services they need.” 

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