Ad says bankers use CUs as decoy from real issues

WASHINGTON (4/24/07)—Banks are using credit unions as a decoy, trying to focus lawmakers attention on the not-for-profit credit unions and away from huge bank profits as the bankers ask for more breaks in Congress, according to the Credit Union National Association (CUNA).

The bankers' decoy approach is the focus of a new credit union ad

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campaign running in Capitol Hill newspapers to reach federal lawmakers and members of their staffs.

The ad shows a duck dummy against the back drop of a dictionary on a wooden deck and says: "decoy: a means to mislead or trap."

The ad copy goes on to say:

  • "Don't Be Fooled By the Banks When They Claim Credit Unions Are Just Like Them!

  • The difference is clear: Banks are for-profit companies that made over $145 billion in 2006.* They answer only to stockholders who want them to make even more money.

  • Credit Unions are not-for-profit, member-owned, volunteer-led cooperatives. They answer to their members...and return earnings to members in the form of lower loan rates and a better return on savings."

The ad's asterisk refers readers to the source of the banking industry earnings figure: the American Bankers Association.

"When the banks demand a special tax on credit unions, don't be fooled by their decoy," the ad concludes.

The ad was scheduled for this week and last week in the following publications: Roll Call, The Hill, Congress Daily and CQ Today .

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