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NAFCU President and CEO Dan Berger has a new op-ed in American Banker to set the record straight as bank lobbyists attempt to mislead lawmakers about credit unions' tax exempt status, which drives $16 billion in U.S. economic growth per year.

"While bankers have cited an Office and Management and Budget report as justification for eliminating credit unions' tax-exempt status, the fact is eliminating the tax exemption would result in a $38 billion net loss in tax revenue," Berger writes.

The piece published just days after Wells Fargo was fined $3 billion in a settlement over the bank's fraudulent account scandal that negatively affected millions of consumers. Touting credit unions’ clear distinction from the banking industry, Berger highlights "[t]he most important [difference] is that credit unions direct any income back into their institutions for the benefit of all their members."

As the industry's Washington Watchdog, NAFCU will continue to fight back against bankers' misinformed attacks against the credit union industry. As NAFCU's award-winning advocacy team shares the association's 2020 priorities on Capitol Hill, they will continue to highlight the many economic and community benefits of their tax status. 

Read the full American Banker op-ed here, and see how the credit union industry greatly differs from the banking industry here.