Accountability

“When non-profits compete against for-profits, the difference in the amount of taxes paid and organizational transparency tip the scale towards credit unions.”

“Credit unions have largely escaped scrutiny by a combination of wrapping themselves in the ‘good guy’ flag as a nonprofit, mission-oriented entity and by not releasing data to the public.”

“Federal credit unions are a special class of nonprofit organizations that do not have to file a Form 990 tax return, which makes them less transparent and accountable than other nonprofits.”

“Extending CRA to cover credit unions would both improve oversight and drive new capital into neglected communities.”

“There are now many more credit union service organizations and third-party vendors operating within the credit union sector with little to no oversight.”

“Our legislators have given a huge pass to credit unions, on the assumption that they’re serving and meeting the needs of their members.”

“Credit unions are not as good for consumers as the industry claims.”