2024 Consumer Credit Union Survey

Americans want Congress to hold credit unions accountable

• Only 17% are aware that credit unions DO NOT pay federal taxes
• 3X as many consumers believe credit unions should pay federal taxes just like banks, rather than those who believe they should not
• 54% support vs 14% oppose
  • Consumers say credit unions should be subject to community reinvestment reporting requirements that quantify their impact on their communities, including low- and moderate-income area
• 5-to-1
  • Americans believe that federal credit unions should have the same disclosure and taxation requirements as other tax-exempt organizations

Consumers want credit unions to follow same rules as banks

• 86% agree any business providing bank-like services (e.g., loans and checking accounts) to consumers should be held to the same standards for consumer protection as banks
• 76% care if the business that handles their finances is held to the same legal standard for consumer protection as a bank
• 6-to-1 say credit union acquisitions of banks should receive the same level of regulatory scrutiny as bank mergers

Source: Morning Consult, on behalf of the American Bankers Association, conducted an online survey from October 7-10, 2024. The margin of error is plus or minus 2 percentage points, from a weighted sample of 4,508 adults.