CREDIT UNION DIFFERENCE

Credit unions take a “people first” approach as not-for-profit financial cooperatives, owned and operated by the people they serve. The focus on serving consumers instead of chasing profits makes credit unions the best option for safe and affordable financial services for families and small business owners.

CREDIT UNIONS BY THE NUMBERS

CREDIT UNIONS HELP THOSE LEFT BEHIND BY OTHER FINANCIAL INSTITUTIONS

When it comes to banking deserts and underserved communities, credit unions are committed to providing affordable financial services to consumers and small businesses. As 56 million Americans are considered financially vulnerable, including nearly half of unbanked households, credit unions are ready to reach more people, where and when they need it. The industry’s track record proves it:

• Credit Unions opened a net of 950 branches from 2020 – 2023
• Banks closed a net of over 8,600 branches from 2020 – 2023

HELPING PEOPLE ACHIEVE THEIR FINANCIAL DREAMS

Credit unions provide pathways to financial stability, including financial counseling, credit building, and opportunities to obtain affordable loans. Credit unions offer more affordable credit solutions to Americans than the largest issuers, with better rates and lower annual fees on average.

• Consumers who finance auto purchases at credit unions save as much as $11,000 over the life of a typical 72-month auto loan.SOURCE: Equifax Analytic Dataset and America’s Credit Unions.Based on first-half 2024 auto loan originations at credit unions, banks and auto finance companies. 

• Deep subprime auto borrowers financing at a credit union save more than $10,000 during the typical 72-month auto loan (CFPB Consumer Credit Card Market Report)
• Mortgage borrowers who finance at credit unions save as much as $35,000 over the life of a typical 30-year mortgage (Mid-year 2023 Equifax data analysis). 

• 79% of credit unions offer secured credit card programs to help members build credit. 

• 90% report positive experiences obtaining low-cost loans, versus 695 of non-members
• 89% of members say their credit union has improved their financial well-being. 

DON’T TAX MY CREDIT UNION

We need your help! Tell your federal lawmakers — Don’t Tax My Credit Union!

Because of our tax-exempt status, credit unions are not-for-profit, member-owned, financial cooperatives, meaning we reinvest our earnings to benefit YOU — our members and our community!

Federal lawmakers are considering tax reforms that could impose new taxes on credit unions, negatively affecting the very people they represent.

Will you help your family, friends, community, and credit union? Tell your federal lawmakers — Don’t Tax My Credit Union!

RESOURCES & ADDITIONAL ARTICLES