Reform Credit Unions is dedicated to highlighting the critical need to examine and modernize the laws and regulations governing the credit union industry. Modern credit unions are:
- Abandoning their mission of providing consumer-focused financial services to people of modest means
- Leveraging their nonprofit structure — and taxpayer resources — to target affluent markets and prioritize commercial lending
- Failing to demonstrate their investments in communities they allegedly serve and withholding certain financial information from the public
- Avoiding appropriate regulatory scrutiny, given lax oversight from the National Credit Union Administration and state regulators
- Escaping proper taxation for business activities that go beyond their original purpose
These troubling trends within a rapidly evolving environment call into question the preferential tax and regulatory treatment of modern credit unions.
Reform Credit Unions is a platform emphasizing the need to examine and modernize the laws and regulations governing the credit union industry to benefit all Americans, especially those who belong to traditional, mission-driven credit unions that face increasing competition from profit-hungry credit unions with deep pockets and easy membership requirements.
