CUNA
  • Advocacy
    • Priorities we’re fighting for
    • Actions you can take
  • News
  • Learn
  • Compliance
  • Shop
  • Topics
    • Community Service
    • Compliance
    • Credit Union Hero
    • Credit Union Rock Star
    • Credit Union System
    • Directors
    • Human Resources
    • Leadership
    • Lending
    • Marketing
    • Operations
    • Policy & Issues
    • Sales & Service
    • Technology
  • Credit Union Magazine
    • Buyers' Guide
    • COVID-19
    • Digital Edition
    • Credit Union Hero
    • Credit Union Rock Star
    • Subscribe
    • Advertise
    • Contact
  • COVID-19
  • Advertise
  • Awards
    • Nominate Credit Union Hero
    • Nominate Credit Union Rock Star
  • Podcasts
  • Videos
  • Contact
Learn More about Member Value

News

Member Benefits
Learn more
Learn more about the benefits of membership.
Home » Donovan: CUs eager to bring financial services to communities
Policy & Issues

Donovan: CUs eager to bring financial services to communities

April 7, 2021
Ryan Donovan

It’s more important than ever that communities retain access to a local financial partner that can meet their needs, CUNA Chief Advocacy Officer Ryan Donovan wrote to all 535 Congressional offices Wednesday. He noted that credit unions are eager to be that partner, “which is why they’ve been there for some bankers when they’ve been ready to exit the market,” he wrote.

Donovan also added that, despite banker complaints over bank sales to credit unions, that increasing closures have to led to more financial deserts in urban and rural communities across America.

He also highlighted several things about bankers choosing to sell to a credit union over another bank:

  • 80% of bank-credit union transactions have involved low-income designated credit unions, ensuring that consumers most affected by banking deserts retain access to a local financial institution.
  • Bank-credit union transactions account for only 0.3% of all bank assets sold since 2012. Furthermore, credit unions only account for $1.9 trillion in all financial assets, while the four largest banks each hold more in assets. 
  • Since 2004, 86 banking deserts have been created by the net shuttering of nearly 6,000 bank branches. In the same period, credit unions have opened a net 1,600+ branches. Many community banks rushing to cash out their portfolios turn to credit unions to ensure their communities are served by a local financial services partner, reporting employee and branch retention among the top factors in the decision. 
  • Credit unions paid nearly $25 billion in local, state, and federal taxes last year. Meanwhile, bankers continue to celebrate a $30 billion annual tax break on investor profits. 
  • Credit unions returned $12.9 billion in earnings to members last year through their people-over-profit structure.

Credit Union Magazine - Spring 2021

Spring 2021

Credit Union Magazine’s Spring 2021 edition features CUNA's 2021 advocacy agenda, strategic planning guidance, and labor market insights.
Digital Edition •  Subscribe

Trending

  • PCA flexibility coming soon from NCUA

  • CUNA leaders talk CFPB supervision compliance details

  • 48 credit union leaders graduate from Foundation’s virtual DE Program

Tweets by CUNA_News

Polls

How have vaccination efforts affected your remote work policy?

View Results
More

Champion of America’s Credit Unions

Credit Union National Association is the only national association that advocates on behalf of all of America’s credit unions. We work tirelessly to protect your best interests in Washington and all 50 states. We fuel your professional growth at every level and champion the credit union story at every turn.

More CUNA

  • About
  • Careers
  • Contact Us
  • Recommended Websites
  • Privacy Policy

Resources for

  • CUNA Board Members
  • Credit Union Advocates
  • Leagues
  • Press
  • Vendors