ABA Launches New Anti-Credit Union Effort

As thousands of credit union advocates invaded the nation’s capital this week, the American Bankers Association on Monday announced it will step up its campaign against the largest credit unions.

The association said it has purchased ads on Politico’s “Morning Money” newsletter and on digital and social media platforms.

The move came as more than 5,000 credit union advocates arrived at CUNA’s Governmental Affairs Conference. Many of those advocates plan to meet with hometown members of Congress during their visit.

In describing the effort, ABA said, “The ads highlight several ways that large credit unions have far exceeded their statutory mission to serve individuals of modest means – from buying up taxpaying banks to purchasing naming rates to sports stadiums. They also call for a reexamination of the tax exemptions for these institutions.”

The association also said its explorecreditunions.com website will feature blog posts alleging that credit unions have outgrown their “special treatment.”

For a lengthy period, that website did not identify the ABA as its host. It was only after CU Times reported that the association was the website’s sponsor that the ABA acknowledged that.

The Independent Community Bankers of America has its own anti-credit union campaign called “Wake Up.”