CUNA President/CEO Jim Nussle highlighted the presence of local, member-owned credit unions in nearly every community in America in a LinkedIn post Thursday. Nussle’s post came in response to a Wall Street Journal article on the decline of Bank of America branches in communities across the U.S.
The article shows how Bank of America closed 1,597 branches since the financial crisis.
“Bank of America ditching nearly 1,600 branches across the country is certainly indicative of the feelings many Americans have of being ditched by Wall Street. Fortunately, on Main Street in nearly every community in America, there is a local, member-owned credit union that returns its profits to its members, not shareholders,” Nussle wrote. “When the financial crisis struck, big banks pulled back on lending, but credit unions continued to work with their member-owners to ensure that they could access safe and affordable credit.”
Nussle also highlighted that the better credit unions do, the better the communities they serve do, due to their structure as member-owned, not-for-profit cooperatives.