WASHINGTON--The data is clear: Credit unions of all sizes are dedicated to Main Street, making a positive impact on households in ways that big and community banks do not, America's Credit Unions reported.
America’s Credit Unions analyzed NCUA and Federal Deposit Insurance Corporation data, and it shows that the majority of credit unions - at every asset size - make approximately 75% of their loans to households, while the percentage is less than 30% for big banks and less than 50% for most community banks.
"Sharing this and other points on the credit union difference are a key part of credit union engagement with policymakers, especially with banks’ recent shift calling for credit unions with more than $1 billion in assets to be taxed," ACU said.
“This information is very illustrative and makes an extremely effective argument that credit unions are focused on Main Street, our teachers, our military, while banks are focused on Wall Street,” said America’s Credit Unions Chief Advocacy Officer Carrie Hunt. “You look at banks, and they’re focused on businesses. This data shows that credit unions, no matter what the size, are focused on consumers.”