As the credit union industry collectively fights back against false bank attacks, Defense Credit Union Council Chief Advocacy Officer Jason Stverak provided facts about the credit union difference in a Credit Union Times op-ed published Wednesday. Correcting numerous erroneous claims about the credit union tax status in a recent Washington Post opinion piece, Stverak urges policymakers to instead focus on addressing financial equity.

Calling the piece “nothing more than a banking industry talking point designed to attack credit unions while ignoring the major advantages banks enjoy, including taxpayer-funded bailouts, regulatory loopholes and anti-competitive practices,” Stverak debunked five claims from the article.

He also noted:

• Credit unions remain member-owned, not-for-profit institutions that prioritize people over profits;
• Defense credit unions play a critical role in supporting military members, veterans and their families; and 
• Banking industry consolidation and excessive fees are the real threats to financial fairness.

“If policymakers truly care about community-based financial services, they should be addressing bank mega-mergers, excessive fees and predatory lending, not attacking credit unions that serve 140 million Americans with lower costs and better service,” Stverak wrote.