Banking lobbyists just wrapped up their annual pilgrimage to Capitol Hill, and if you’re a Congressional staffer, your inbox is probably stuffed with complaints about credit unions. You know, those member-owned financial institutions that somehow threaten the entire banking industry while holding less than 9% of total assets.
Kathleen Coulombe, Chief Advocacy Officer at America’s Credit Unions, wasn’t about to let that narrative go unchallenged. She fired off an email to Congressional offices that basically said, “Let’s talk about what the numbers actually show.”
The David and Goliath Story Nobody’s Talking About
Here’s the math that puts everything in perspective: Credit unions serve 43% of all Americans—that’s 146 million people who’ve chosen them as their financial partner. Yet they hold just 8.8% of assets. The other 91.2%? That belongs to banks.
So when banks point fingers at credit unions as their competition problem, it’s a bit like Walmart complaining about the corner store stealing their customers.
What Americans Actually Think (Spoiler: They Like Credit Unions)
Instead of relying on lobby talking points, credit unions brought receipts in the form of public opinion data:
- 94% of Americans believe credit unions should be able to serve even more communities and provide more small business loans
- 91% of credit union members trust their credit union (compared to 84% of bank customers—not terrible, but not exactly winning)
- 79% of people think Americans would be financially better off using a credit union
Those aren’t cherry-picked stats. That’s a pretty clear mandate from the people actually using these services.
The People-Over-Profit Thing Isn’t Just Marketing
Credit unions exist to serve their members, not shareholders. That structural difference shows up in real ways—better rates, lower fees (or none at all), and loans that families and small businesses actually need.
They’re particularly focused on serving people and communities that banks have left behind. While that might sound like feel-good rhetoric, it’s literally their mission. And in times when financial stress is hitting more households, access to affordable financial services isn’t a nice-to-have. It’s essential.
An Invitation, Not a Lecture
Coulombe wrapped up her message by extending a hand rather than throwing a punch. America’s Credit Unions, along with state credit union leagues and local institutions, want to work with lawmakers on policies that address real community needs.
The subtext? Before you buy into the banking lobby’s complaints about credit union competition, look at who’s actually serving your constituents—the farmers, families, small business owners, and everyday people who’ve found their financial footing at their local credit union.
Sometimes the underdog is small for a reason. And sometimes they’re small but mighty. The numbers suggest credit unions fall firmly in that second category.
Related:
Opportunity Knock$ Takes CU Community Impact Story Straight to Congress
Building the defense for credit union tax status