Removing Barriers Blog

CUNA Writes about Credit Union Difference Prior to HFSC Hearing on Megabanks
Posted April 11, 2019 by CUNA Advocacy

Earlier this week, CUNA wrote to Chairwoman Waters and Ranking Member McHenry prior to the House Financial Services Committee hearing with executives from seven megabanks.  In the letter, CUNA highlighted the credit union difference and that even as Megabanks continue to grow as credit unions work to provide access to affordable financial services to 115 million Americans.

The letter noted that S. 2155, the Economic Growth, Regulatory Relief and Consumer Protection Act has alleviated some of those burdens, but that additional legislation that may be forthcoming should not be one-size-fits-all and recognizes the regulatory challenges and financial burden faced by smaller, less complex financial institutions.

CUNA’s letter highlighted the nearly $12 billion in direct financial benefits to 115 million credit unions members, equivalent to $103 per member, as well as the more than $99 million in low or no-interest loans provided to more than 79,000 credit union members affected by the government shutdown.