CUNA reached out to Capitol Hill Thursday with a graphic containing credit union facts to dispute inaccurate banker attacks, the first in a series CUNA will be sending in the coming days. Protecting the credit union tax status is a top advocacy priority for CUNA.
The graphics set the record straight about many erroneous banker claims about credit unions. The first highlights that U.S. banks hold nearly $17.5 trillion in assets (compared to credit unions’ $1.395 trillion), and the typical bank is seven times larger than the typical credit unions. This runs counter to claims that the credit union industry is “growing too large.”
In addition, CUNA’s graphic notes that banks are growing rapidly, increasingly taking larger shares of the overall financial services marketplace. The top 100 banks hold 75.4% of assets, while credit unions hold 7.4%.