As tax reform discussions intensify, bank customers are weighing in with their support of the credit union tax status.  In an op-ed published in Bad Credit, personal finance expert Erica Sandberg writes that everyone should want credit unions to exist. Sandberg—who admits she is not a credit union member—says competition among financial institutions benefits consumers because all institutions should be looking at ways to make themselves more attractive to consumers.

“Whatever the product, though, it usually comes with a lower cost [at a credit union],” she said. “Credit unions also work with their members to help them improve their credit ratings. They have a strong educational component, and for members who are experiencing financial difficulty, they will step in with counseling and programs designed to help get them back on their feet.”

The economic impact of credit unions cannot be ignored, Sandberg writes. Using the recent independent study commissioned by America’s Credit Unions, she explains how changing the credit union tax status “would likely shrink the number of these financial institutions. That would reduce the pressure credit unions put on banks, and consumers may pay the price. The fees and interest credit union members currently avoid may increase if they have to use a conventional bank instead.”

Credit unions save consumers about $23 billion a year by offering preferable rates, according to the study. It also shows changing the tax status would cost $33 billion in lost income tax revenue over the next 10 years, GDP would be reduced by $266 billion, and 822,000 jobs would be lost.

The study shows that even a 50% reduction in the credit union market share would cost bank customers as much as $22.8 billion per year in higher loan rates and lower deposit rates.

Sandberg also captures the heart of the credit union difference, one that remains true with every credit union: it’s mission.

“They help people who have financial and credit challenges fix their problems and get ahead,” she wrote. “These may be the very same people a conventional bank would find too risky and would increase the cost of the credit product — if they offer the account at all.”