The MD|DC Credit Union Association joined America’s Credit Unions, AACUL, and Leagues in setting the record straight following the latest banker attack. The American Bankers Association and state bankers associations sent a letter to the Treasury Department urging Assistant Secretary for Tax Policy Kenneth Kies, to conduct and publish a study on whether credit unions should retain their tax status.

The joint letter highlighted the work credit unions do to serve families and small businesses in their communities and refuted the bankers’ spurious arguments about the growth of the credit union industry.

The letter provides data demonstrating credit unions deliver more than $37 billion in consumer benefits each year. This is driven by lower loan rates, higher savings yields, and even indirect benefits for non-credit union customers as competition forces banks to improve their rates. A recent independent study found this impact delivers a 1,200 percent return on investment – one of the best values for American consumers in the U.S. tax code.

The letter also notes that credit unions continue to step in to provide basic financial services for Americans left behind by banks closing branches.

“Over the past 13 years, banks have closed over 20,000 branches across the country. In comparison, credit unions have added hundreds of branches during that time, rushing in to fill the void and serve American communities left by banks,” the letter reads.