Credit unions and banks don’t get along, but join forces against CFPB

LONG BEACH, Calif. — Banks and credit unions rarely see eye-to-eye, so it was no surprise when Dan Berger, president and CEO of the National Association of Federally-Insured Credit Unions, called out “greedy” bank executives responsible for recent bank failures. 

“In the past several months, we’ve seen the biggest bank failures since the 2008 financial crisis,” Berger told 650 credit union executives Wednesday at the trade group’s annual conference in Long Beach, California. “The causes can be traced to greedy, profit-seeking bank executives. They focused on chasing yields, taking in too many uninsured deposits and making investments that led to losses when interest rates rose. Although banking regulators did flag concerns over the past several years, not enough was done to mitigate these risks.”

Yet when it comes to legislative and regulatory battles, credit unions are closely aligned with banks in pushing back against two major issues that could severely impact financial institutions — efforts to reduce interchange “swipe fees” and to cut credit card late fees to just $8.

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