The 90 years since the Federal Credit Union Act was signed represents generations of living out the mission of credit unions, America’s Credit Unions President/CEO Jim Nussle wrote in CUInsight Tuesday.
Nussle highlighted a Philadelphia Federal Reserve report that found banks — especially the biggest banks — cause a “disproportionate amount of banking deserts,” as bank branch closures have doubled since 2019, increasing census tracts designated as financial deserts by 6%,
Credit unions — despite having 20% of total branches — “cured” financial deserts in 36% of all instances by opening a new branch.
“Credit unions reach people that for-profit banks aren’t interested in because they succeed when members succeed, and because it’s in their DNA to put people above profit,” Nussle wrote. “The nine decades since the signing of the Federal Credit Union Act represents generations of members, families, and businesses that realized their financial dreams through a not-for-profit financial cooperative.”
