STATEMENT: America’s Credit Unions President/CEO Refutes ICBA’s Misleading Claims

“The Independent Community Bankers of America has launched another haphazard misinformation campaign attacking credit unions, but the facts remain unchanged: credit unions are member-owned, not-for-profit financial cooperatives that exist to serve their communities and expand access to affordable financial services.

“If the goal is to spotlight deceptions, it may be worth starting with the illusion that credit unions operate like Wall Street banks. They do not. More than 145 million Americans choose credit unions because they put people ahead of profits and reinvest earnings back into better rates, lower fees, and financial education for their members. And they choose credit unions not because of illusions, but because of the miracles they make happen every day for their members. Whether that’s helping a small business owner realize their dreams or a young family with their first home purchase, credit unions stand firmly by their members’ side day-in-and-day-out.

“While some groups continue to push misleading narratives about the cooperative finance model, we remain focused on the real issue of ensuring families, small businesses, and underserved communities have access to safe, affordable financial services. Credit unions and community banks both play important roles in the financial ecosystem. America’s Credit Unions will continue advocating for policies that strengthen community-based financial institutions and the consumers they serve.” 
​
— Scott Simpson, President and CEO, America’s Credit Unions ​

---