Newsroom
As Congress investigates bank abuses, NAFCU highlights CU difference
Following reports of another quarter of record profits for banks and the revelation that the American Bankers Association (ABA) was the secret owner of an anti-credit union website, NAFCU's Dan Berger urged the House Financial Services Subcommittee on Oversight and Investigations "to examine questionable activities such as this website and ask, what other anti-consumer efforts are the bankers secretly funding?"
"While the bankers continue to have the gall to attack the credit union tax exemption, they conveniently forget to mention how independent analysis has shown that the fines and settlements for wrongdoing by their members have actually amounted to billions and billions of dollars of tax relief over the years for the nation's largest banks," said Berger, NAFCU's president and CEO.
Berger attached a resource highlighting the differences between credit unions and banks, such as:
- there are 10 times as many female CEOs at credit unions than at banks;
- credit unions increased lending to small businesses during the financial crisis when banks pulled back; and
- credit unions have higher satisfaction scores among consumers than banks.
"We hope that the banker groups will change their approach and will instead focus their resources on issues that can help the entire financial services community, such as consumer protection, regulatory relief and creating a national data security standard for those who do not currently have one, including retailers and others who handle consumer financial data," Berger added.
The association will continue to defend the credit union industry – and its growth – against baseless banker attacks. Next week, hundreds of credit unions will be in Washington for NAFCU's Congressional Caucus, where they will meet directly with representatives and senators to share the good work they are doing to provide their members and communities with safe, affordable financial products and services.
Share This
Related Resources
Add to Calendar 2024-06-26 14:00:00 2024-06-26 14:00:00 Gallagher Executive Compensation and Benefits Survey About the Webinar The webinar will share trends in executive pay increases, annual bonuses, and nonqualified benefit plans. Learn how to use the data charts as well as make this data actionable in order to improve your retention strategy. You’ll hear directly from the survey project manager on how to maximize the data points to gain a competitive edge in the market. Key findings on: Total compensation by asset size Nonqualified benefit plans Bonus targets and metrics Prerequisites Demographics Board expenses Watch On-Demand Web NAFCU digital@nafcu.org America/New_York public
Gallagher Executive Compensation and Benefits Survey
preferred partner
Gallagher
Webinar
Add to Calendar 2024-06-21 09:00:00 2024-06-21 09:00:00 2024 Mid-Year Fraud Review Listen On: Key Takeaways: [01:16] Check fraud continues to be rampant across the country. Card fraud is affecting everyone. [04:31] Counterfeit US passport cards are just another new toolbox in the bad actors’ toolbox. [07:21] Blocking the fallback is the only way to defeat counterfeit cards. [11:17] The best way is constant education to your members in as many channels as you can. [13:02] We are still seeing overdraft lawsuits. Make sure the programming you have at your credit union matches what you have displayed for the members. Web NAFCU digital@nafcu.org America/New_York public
2024 Mid-Year Fraud Review
Strategy & Growth, Consumer Lending
preferred partner
Allied Solutions
Podcast
Add to Calendar 2024-06-21 09:00:00 2024-06-21 09:00:00 The Evolving Role of the CISO in Credit Unions Listen On: Key Takeaways: [01:30] Being able to properly implement risk management decisions, especially in the cyber age we live in, is incredibly important so CISOs have a lot of challenges here. [02:27] Having a leader who can really communicate cyber risks and understand how ready that institution is to deal with cyber events is incredibly important. [05:36] We need to be talking about risk openly. We need to be documenting and really understanding what remediating risk looks like and how you do that strategically. [16:38] Governance, risk, compliance, and adherence to regulatory controls are all being looked at much more closely. You are also seeing other technology that is coming into the fold directly responsible for helping CISOs navigate those waters. [18:28] The reaction from the governing bodies is directly related to the needs of the position. They’re trying to help make sure that we are positioned in a way that gets us the most possibility of success, maturing our postures and protecting the institutions. Web NAFCU digital@nafcu.org America/New_York public
The Evolving Role of the CISO in Credit Unions
preferred partner
DefenseStorm
Podcast
Get daily updates.
Subscribe to NAFCU today.