WASHINGTON— Is President Trump in the market for a credit union after being sidelined by major banks? One Washington analyst says it might be the right move.
“When even POTUS has trouble finding a bank, you know something’s off,” said Defense Credit Union Council Chief Advocacy Officer Jason Stverak. “Recent reports suggest that JPMorgan Chase and Bank of America have essentially given President Donald Trump the cold shoulder.”
Stverak pointed out that in a CNBC interview, Trump complained that big banks “totally discriminate” against him and his supporters, implying that his politics are the reason.
“And he’s not alone in this feeling—millions of Americans worry their banking access could be in jeopardy because of their political beliefs or the industries they work in. Wall Street banks have ‘debanked’ certain customers – from gun manufacturers and fossil fuel companies to religious groups and cryptocurrency firms – simply for being on the ‘wrong’ side of a controversial issue.”
For their part, Stverak contended, the banks deny any political bias – JPMorgan and BofA insist they “never close accounts for political reasons” and “don’t have a political litmus test” for customers, Stverak said.
“But regardless of where the truth lies, the message from many Americans is clear: we want our money treated fairly, no matter our views. So, what’s a high-profile (or everyday) citizen to do if they feel “bank-shunned”? Stverak asked.
“In true American spirit, you don’t have to rely on the Wall Street giants – you can take your business to a member-owned credit union,” Stverak said. “Credit unions are the original people’s banks, founded on the principle of neighbors helping neighbors. They’re not-for-profit cooperatives where every customer is also an owner, and they exist to serve communities rather than stockholders.”
In other words, Stverak said, they’re built to be fair and inclusive.
Jason Stverak
“Mr. President, maybe it’s time to exercise your freedom of choice in banking. Instead of sticking with institutions that (reportedly) don’t want your business, why not take that business to a place that will celebrate it?” Stverak said. “Joining a credit union would send a powerful message: every American deserves financial inclusion, no matter who they are or what their politics.”
'Patriotic Move'
Stverak said that Trump joining a credit union would be a patriotic move.
“Opting for a home-grown, community-based financial institution over those ‘too-big-to-fail” behemoths” he said. “After all, what’s more American than supporting local communities and standing up for the little guy?”
In fact, even those at the highest levels of government have personally felt the credit union difference. As CUToday.info reported, during a recent stop at Marine Corps Base Quantico, Vice President J.D. Vance shared a story from his days as a 19-year-old Marine, when a credit union saved him from a predatory car loan.
“He was about to finance a used Honda Civic at a whopping 21% interest rate when a Marine gunnery sergeant intervened, telling young Vance to ‘stop being an idiot’ and get a better deal from Navy Federal Credit Union. That advice – and the fair loan he secured through the credit union – saved Vance from ‘one of the worst financial decisions’ he could have made. The Vice President’s experience is a powerful reminder that credit unions walk the talk in treating members fairly and looking out for their best interests, whether the member is a junior Marine or a future vice president,” Stverak added.
“From the President and Vice President to everyday Americans, credit unions stand ready to serve – providing fair, people-focused financial services for all. In a time when many feel debanked or unwelcome at big banks, credit unions are sending a clear invitation: your money and you are welcome here,” Stverak said.